The latest cryptocurrency news show that we are in a Bitcoin bloody Monday, where the price of BTC is currently correcting and is in the $8,500 range. Even though this is not that bad of a correction, it is still a sharp downward move which could set a bearish traction in the days to come.
As of recently, the Bitcoin price slowly climbed above $8,400 and $8,500 to later break the $8,800 level and trade as higher as $8,842. Knowing that these numbers were gained hard, a correction like this in today’s Bitcoin bloody Monday shows that the bears showed signs of activity. However, the Fibonacci retracement level at 23.6% is supposedly going to act as a strong support.
Many best cryptocurrency news sites report that there is a key bullish trend line forming with support at $8,640 on the hourly chart of the Bitcoin BTC and USD pair. If there is a downside break below this trend line, the price could test the $8,600 support and the 100 hourly simple moving average. From this, the next important support will be near the $8,500 level. If there are more losses, the price could test the $8,400 support area and coincide with the 50% Fibonacci retracement level of the recent wave – from the $7,995 low to a new high at $8,842.
On the upside, the Bitcoin bloody Monday could be easily forgotten if there is an upside break above the $8,800 barrier as the day progresses. In this scenario, the price could accelerate above the $8,850 level where the next key resistances on the upside will be near the $8,900 and $9,000 levels. If there is a break above $9,000, the Bitcoin price is likely to gain a new pace and trigger the altcoins to post big movements in the altcoin news too.
When looking at the current chart, the Bitcoin price is consolidating its gains above the $8,600 level. In the short term, there could be a downside correction below $8,600 which is going to last. However, there are many supports on the downside near the $8,500 and $8,420 levels right now which is good. A successful close below $8,400, in that manner, will likely start a solid downward move towards the $8,100 level in the near term.
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Bitcoin Is Vulnerable, Mayor Buying Zone Is Below $6,800: Analyst
“$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”https://twitter.com/krugermacro/status/1136286134403764225 A new retracement to the 50 day moving average is pretty much exactly at $6,800. Since Bitcoin is vulnerable, this will likely serve as a buying zone, Kruger added:
“I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I’ll do if price drops there.”Another fellow trader named Josh Rager commented that Bitcoin is condensing regarding its price range - which may lead to another volatile move very soon. The crypto trader 'Moon Overlord' also stands on the side saying that Bitcoin is vulnerable. He echoed his sentiment adding a chart which depicts the previous big corrections, stating:
“If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates. The largest dip was barely -40%, most are in the -30%’s. A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000’s low 6000’s.”https://twitter.com/MoonOverlord/status/1136250450615947265 It seems like Bitcoin is also gaining a negative traction in the latest altcoin news. As we can see, many altcoins are in the red and following the moves of BTC.
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“About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet.”In the coming altcoin news, we can see that the situation is largely affected by the dominant cryptocurrency. As Bitcoin visits lower levels, altcoins are following too. The big sell order may have triggered even altcoin sales - and the market cap of $253 billion is solid proof for that. What's fascinating is the fact that the only gainer in the altcoin news is Bitcoin SV (BSV) which managed to sustain the momentum and stay at $222 which is its price at press time. Besides it, the entire top 40 list is in a sea of red. The cryptocurrency analyst Josh Rager follows as Bitcoin goes to decline even more. This morning, he wrote:
"Bitcoin continues to push down quite aggressively and would like to see a move above $7824 and hold Eyeing that previous CME futures gap that wasn’t explored at $7175 If Bulls don’t step in, I believe the price is heading that way."On the question if Bitcoin will recover, he said that this may be a short term relief that can last hours or days before another push to retest the Bitcoin price action occurs. Similarly, other traders have emphasized that $8,200 is a crucial level that Bitcoin must sustain right now.
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