Bitcoin bears soar but the analysts are not too concerned about a mixed price action because the bulls are still trying to push higher before the strong rejection pushes BTC to lower levels so let’s read more in today’s Bitcoin news.
The cryptocurrency is still trading nicely in the trading range that it was caught in it over the past few weeks and not much changed from the structural point of view. Despite the intensity of the selloff, another analyst noted that he is not too concerned with the BTC outlook from a technical perspective despite the Bitcoin bears soar. He is also noting that there’s a strong possibility for an upside because of the rally that it stalling before it tapped one key level. BTC was largely trading sideways over the past few weeks but both bulls and bears have been unable to gain more control over the price action as it shifts between $30,000 and $40,000.
Where the entire market trends in the mid-term, will depend on these trading ranges and which one will be broken first. Flipping the $40K level from resistance to support will go a long way to aiding the continuation of the macro bull trend. One analyst thinks that this possibility will come true in the near-term as he thinks that the triangle pattern BTC formed will result in a breakout that will send it shooting higher. Bitcoin rallied higher in the mid-day in the US and set highs of $38,000 before the momentum stalled and began drifting lower. The past pressure levels in the upper $30,000 region remained intense over the past few weeks. The drop spiked a slight move lower to a full-fledged selloff which liquidated over-leveraged positions and managed to clear the downside liquidity of the cryptocurrency.
BTC is now sitting at the $35,000 and tries to flip this level back into support. One analyst said that the possibility of BTC trading in a large pennant formation with the overnight drop marking a test of the lower boundary of the historically bullish pattern:
“BTC 4h: Imo there is no reason to speak about a bear market. We are about to hit a 5 weeks trend line support. Even if we lose it we are still inside of the more important bullish pennant.”
When this pennant breaks in the future, it will cause BTC to see a hard and sharp movement in one direction or another. When this happens, it will cause BTC to see a hard and sharp movement in either direction.
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