Bitcoin May Not Fall Below $11,000 if the Dip Continues: Here’s Why
Multiple analysts have said over recent days that Bitcoin is primed to fall towards $10,500. One cryptocurrency trader, though, doesn’t think that BTC will trace much lower than $11,000, another level that analysts have assigned much importance as of late.
Referencing the chart below, which shows the importance of the support in $11,000-11,500, the analyst said:
Chart of BTC's price action over the past few months with an analysis by crypto trader "Create" (@Crypto_Create on Twitter). Chart from TradingView.com
He specifically cited the bullish breakout in 2019, noting how Bitcoin formed a similar consolidation pattern to the one it is forming now before moving higher:
$10,500 Must Hold if Price Revisits That Level
If Bitcoin does fall to $10,500, though, analysts say it must hold that level or else risk a strong correction.
Commenting on the importance of $10,500 and another important technical level, one trader recently remarked:
Chart of BTC's recent price action by crypto trader Flood (@ThinkingUSD on Twitter). Chart from TradingView.com
One reason why $10,500 is important to Bitcoin’s price action in the medium term is that three separate Bitcoin rallies topped at over the past 12 months. The most notable of these was in October 2019, when BTC peaked almost exactly at this pivotal price level.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts fromTradingView.com Here's Why Bitcoin May Not Fall Much Lower Than $11,000: Analyst Explains
Originally from Bitcoinist.com https://ift.tt/3aPWUJ3
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