In another series of sell-offs, the Bitcoin news today show the most dominant cryptocurrency falling (again) by 10% and reaching $3,687 at press time. Given that the drop was kind of unexpected and fast, analysts are now questioning if the series of drops on the market could translate to a new yearly low.
As a reminder, Bitcoin established a yearly low for 2019 somewhere around $3,122 (December 15th, 2018). If the price of BTC drops one or a couple more times and falls below $3,122, we will see a low that we haven’t since 2017.
The intense sell-off led the Bitcoin price to drop further. According to the prominent analyst and trader Alex Kruger and his latest Twitter statement:
“What a majestic dump. BTC back to my buying area of 3500-3600. Below $3,300 exit and reassess. I’d like to see BTC ending the day above $3,700. Consolidation below $3,600 (bottom of prior area) would tilt the balance towards further downside.”
“The Crypto Dog” was also viral with his statement about the new lows for Bitcoin. As he tweeted:
“Not setting heavy bids but I would like to see BTC at $3,400 and ETH at $115. No reaction there and I think new lows are on the table. Nothing to stress about, all par for the course, cycles matter, long Bitcoin (without leverage) and continue shorting the banks they’re REKT.”
Cryptocurrencies with lower market caps have recorded substantially larger drops than BTC and ETH throughout the past week. For example, Cardano (ADA), Stratis (STRAT), ICON (ICX) and Bitcoin Cash (BCH) have all fallen by more than 10%, with Cardano recording the biggest low of 19% on the day.
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“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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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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