Why Bitcoin May Soon Bounce From Here
Bitcoin’s drop over the past day has seemingly been relentless. The leading cryptocurrency has shed support after support level despite buyers attempting to step in. As of the time of this article’s writing, BTC trades for $11,700, around $700 below the local high.
Despite this strong sell off in a short time frame, an analyst says that Bitcoin could bounce.
The analyst in question shared the chart below along with four technical observations backing his optimistic viewpoint on August 18th. These four technical observations, all formed in regards to Bitcoin’s four-hour chart, are as follows:
Chart of BTC's price action over the past few weeks with a number of technical analysis points from trader CryptoHamster (@CryptoHamsterIO on Twitter). Chart from TradingView.com
Really? Not Everyone Thinks a Bounce Is Imminent
Despite these technical signals, not everyone is convinced that a bounce is imminent.
Michael Van De Poppe, a trader at the Amsterdam Stock Exchange that follows crypto closely, said earlier today that the move on Monday was a clear “fake-out.” This fake-out should lead to a correction, he suggested:
Image Courtesy of Crypto Michael. Chart via TradingView.
Others noted that the cryptocurrency is becoming “fragile” as it nears extremely important support levels like $11,700-11,800.
Photo by Daniel J. Schwarz on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin May Be Poised to Bounce After $800 Correction Due to These 4 Reasons
Originally from Bitcoinist.com https://ift.tt/2YiBEq7
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