ICOCalendar.Today

  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍
  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍

Bitcoin Faces Aggressive Selling as Bulls Try to Shatter $11200 Resistance

9/19/2020

Comments

 
  • Bitcoin’s price has rallied throughout the past few days, with buyers’ ardent defense of the lower-$10,000 region catalyzing some serious momentum
  • This momentum led the cryptocurrency as high as $11,200 earlier this morning before it faced a swift rejection
  • The price region between $11,000 and $11,300 has long been a strong area of resistance for the cryptocurrency
  • Some analysts and investors are noting that the aggressive selling pressure here could make it difficult for BTC to rally any higher in the near-term
  • If it fails to push higher, this selling pressure may erode bulls’ strength and spark a sharp downside move

Bitcoin and the aggregated cryptocurrency market have lacked clear directionality as of late. Although BTC has rebounded off of its recent lows and is showing some signs of strength, the resistance just above its current price level is proving to be difficult to surmount.

How it continues responding to the selling pressure found between $11,000 and $11,300 will likely determine its near-term outlook.

A rejection here could be grim, and potentially cause it to see some serious near-term downside.

One analyst is noting that the lack of firm bids around Bitcoin’s current price level does seem to indicate that buyers are beginning to grow weak.

Bitcoin Rallies Up Towards $11,100 as Selling Pressure Mounts

Bitcoin has been hovering within the upper $10,000 region for the past several days, with each attempt at breaking above $11,000 being met with serious selling pressure.

The intensity of the selling pressure here has catalyzed some notable rejections in the past, and is still hampering its growth.

At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,080.

Although bulls are establishing some stability here, they have yet to push past the upper boundary of this resistance region at $11,300.

Analyst: BTC Facing Aggressive Selling Pressure as Price Rallies

While speaking about this latest uptrend, one analyst explained that Bitcoin is beginning to face aggressive selling pressure.

This could stop the cryptocurrency from seeing any significantly further momentum in the near-term.

“A good amount of aggressive selling up here. If we can trade back above 11170 again we can see a nice squeeze, otherwise the bid is a bit less firm up here,” he said while pointing to the below chart.

Bitcoin

Image Courtesy of Cantering Clark. Chart via TradingView.

How the aggregated market trends in the week ahead could depend largely on the strength expressed in Bitcoin’s upcoming weekly candle close.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/2ZSLqAb
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.