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 Shows Signs of Strength But These Factors May Bolster Bears

9/1/2020

Comments

 
  • Bitcoin is currently attempting to break above $12,000, with the cryptocurrency rallying towards this level as Ethereum sets fresh 2020 highs at $475
  • BTC’s current strength has yet to lift it past the key resistance it faces in the near-term at this level
  • A failure to surmount it would be grim for its near-term outlook, and potentially spell serious trouble for where it goes next
  • One analyst believes that there are a few factors that all spell trouble for BTC’s near-term outlook
  • His bear-bias is validated by the cryptocurrency’s 50-day moving average, which currently sits around $11,000 and may be a “magnetic” force that draws its price lower

Bitcoin and the aggregated cryptocurrency market has been flashing some signs of strength today, with ETH rallying to fresh 2020 highs in an explosive movement while BTC remains caught below $12,000.

Although the $12,000 resistance is quite strong, some investors speculate that a break above this level could send BTC flying significantly higher.

That being said, there are a few factors that suggest downside is imminent in the near-term, including high funding and euphoria amongst bulls.

The cryptocurrency’s 50-day moving average also seems to indicate that BTC may soon reel lower.

Analyst: These Factors Spell Trouble for Bitcoin’s Near-Term Outlook 

At the time of writing, Bitcoin is trading up at its current price of $11,900, which is around the price at which it has been trading at throughout the past several days and weeks.

Analysts are noting that where it trends next will likely depend in part on its reaction to $12,000, which has yet to be tested by the crypto.

One analyst is pointing to several bearish factors that may inhibit its near-term growth.

“High funding, best RR for shorts, clean invalidation, bulls euphoric… I’m short. Will update how this goes,” he explained.

Here’s What BTC’s 50-Day Moving Average Says About Its Near-Term Outlook

While speaking about the cryptocurrency’s near-term outlook, one analyst explained that he is watching for a decline down towards its 50-day moving average, which he calls a “magnetic” force.

This level currently sits around $11,000.

“BTC – The MA50 on the Bitcoin daily chart is magnetic,” he said while pointing to the below chart.

Bitcoin

Image Courtesy of Chonis. Chart via TradingView.

If Bitcoin does see some near-term downside, it will be imperative that bulls defend the $11,000 region, as a break below here could strike a damaging blow to its macro market structure.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/2EYSrHT
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.