Bitcoin Held a Pivotal Support During Its $1,500 Correction
Bitcoin underwent a swift drop on Monday morning on news of a successful vaccine trial. The leading cryptocurrency was largely reacting to the U.S. dollar index, which moved higher seemingly because a vaccine would mean less stimulus would be necessary moving forward. The stock market also jumped higher because it meant that U.S. businesses may […]
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Bitcoin has faced a strong correction over the past few days after peaking at $11,200 last week. At the recent lows, BTC traded for $10,200, meaning it had dropped over $1,000 from those highs. The coin now trades at $10,500 as of this article’s writing, technically in no man’s land. A trader thinks that the prevailing trend is still bullish because the cryptocurrency held a pivotal support level during the drop. Other signs also show […]
Bitcoin has entered no man’s land as it fails to pass $11,000 but is holding the low-$10,000s. The coin now trades at $10,900 as of this article’s writing, again below the aoforementioned support. Bitcoin actually may be in a positive spot, though, as it managed to hold a pivotal technical level of macro importance. Bitcoin Holds Pivotal Macro Support Level To some market participants, Bitcoin’s price action over recent weeks has been purely bearish. After […]
Ethereum has undergone a strong correction from the 2020 highs near $490. The leading cryptocurrency currently trades for $345, down 30% from the aforementioned highs. Many investors have pointed to this correction as the start of a longer-term bearish trend for ETH. This may not be the case: analysts say that Ethereum’s long-term outlook is still positive. They cite pivotal technical factors, including but not limited to a strong set of technical levels below ETH’s […]
Bitcoin finds itself at a pivotal juncture as the market navigates uncertainty and growing doubt in the days ahead. After reaching an all-time high (ATH), the price tumbled sharply to the $92,000 level, triggering a sentiment shift from extreme bullishness to cautious optimism. This rapid correction has left many traders questioning the sustainability of Bitcoin’s […]
We warned in our last column on Bitcoin that the correction had not yet ended. I suggested that there was likely several more days of pain coming for the bulls. The reasons were many, but one of them was that the rise had simply been too steep and too long without a meaningful correction for it to be over in just a day or two. Well, the bottom fell out yesterday. Is that the end of it, or is there more to come? Here we see that the present fall is testing the 4th arc pair for support at 766. Price is also at the same level as a recent swing high. That support could hold, but I am not....