Bitcoin Analyst Foresees Bearish Correction as Price Struggles Near $18.5K
Bitcoin rallied relentlessly for six weeks in a row, rising by almost 78 percent as traders assessed the growing institutional investments into the cryptocurrency space.
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According to market analyst Vince Prince, it is likely for Bitcoin to print a new record high before undergoing a bearish correction.
Bitcoin price is showing bearish signs below $35,800 and $36,000 against the US Dollar. BTC is likely to continue lower below the $34,000 and $33,000 support levels in the near term. Bitcoin is trading in a bearish zone below the $35,800 and $36,000 resistance levels. The price is gaining bearish momentum below $35,500 and the […]
Bitcoin struggling to break above $51,600 could trigger another big drop in BTC price. The price of Bitcoin (BTC) is continuing to range between $48,000 and $51,000, unable to break out of the $51,600 resistance level.If Bitcoin struggles to surpass the $51,600 resistance area in the near term, technical analysts say the probability of a correction rises.BTC/USDT 4-hour price chart (Binance). Source: TradingView$51,600 is the key level to watchAccording to Josh Olszewicz, a cryptocurrency trader and technical analyst, the $51,600 level is currently acting as a strong resistance level.For....
Bitcoin price correction started yesterday after we spotted a "Bearish engulfing" candlestick pattern on the 4 hour (BTC/USD) charts throughout yesterday's analysis. Price correction pulled the price all the way down to $390, but thereafter we started spotting signs that signaled cessation of the downside price correction attempt. Price Correction Slowing Down on 4 Hour Charts: By analyzing the 4 hour (BTC/USD) charts from Bitstamp; executing Bollinger Bands and keeping the 38.2%, 50% and 61.8% Fibonacci retracement levels we plotted during our analysis on the 2nd of November, we can....
A double top formation preceded Bitcoin's plunge below $48,000 on Dec. 28 with some analysts suggesting it could dip to $44,000 before resuming its uptrend. It looks as though the year-end rally that many crypto traders had hoped for will have to wait until 2022, as Bitcoin (BTC) bears gained the upper hand on Dec. 28 and hammered the price of BTC below support at $48,000. Data from Cointelegraph Markets Pro and TradingView shows that an early morning wave of selling broke through BTC support at $50,000 and was followed by a second wave in the early afternoon that dropped the top....