Bitcoin on the Verge of Losing the Bull Trend?
Bitcoin has slipped over the past 72 hours. After peaking at $12,500 on Monday, the asset has slipped lower and lower, now trading for $11,450. This isn’t much than it was just a week ago, but analysts have begun to mark out important levels as the downtrend may persist.
One cryptocurrency trader shared the chart below on August 21st. Along with showing the recent price action, it shows important levels for BTC to hold moving forward.
Per the trader Bitcoin must hold both $11,000-11,200 and $10,600 to maintain the bull trend:
Chart of BTC's recent price action by crypto trader Flood (@ThinkingUSD on Twitter). Chart from TradingView.com
Another analyst has pointed to the low-$11,000s as an important level for Bitcoin to hold. One noted that there is “heavy support” in that region due to the consolidation BTC saw in that region earlier this month.
$10,500 Could Hold, Technicals Suggest
Even if $11,000 breaks, analysts have some confidence that the $10,500 level will hold.
For reference, that specific level is one of macro importance to Bitcoin. As readers are likely aware of, $10,500 was a level at which three separate BTC rallies topped at: one in October 2019, one in March 2020, and once in June of this year.
It already held once during this rally, with a flash crash bouncing right above $10,500. The level is likely to hold for a second time should Bitcoin test the level due to the Ichimoku Cloud technical indicator.
Another trader shared this chart on August 21st. It shows that the Ichimoku Cloud’s “Kijun” line sits at $10,600 at the moment.
Chart of BTC's recent price action by crypto trader Ledger Status (@LedgerStatus on Twitter). Chart from TradingView.com
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Breaking Below These Two Levels May Signal the Bull Trend Is Over
Originally from Bitcoinist.com https://ift.tt/3gl7GYS
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.