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 👍

No Bitcoin Breaking Below $9k Was Not a Bearish Breakout: Analyst

6/28/2020

Comments

 
bitcoin price
On Saturday, Bitcoin finally broke below $9,000 after a week of consolidation. When the asset slipped under this level, more than $20 million worth of longs on BitMEX were liquidated. This was in addition to the more than $40 million liquidated just two days earlier. Many were quick to flip bearish as BTC temporarily lost the support of $9,000. One crypto trader shared a chart indicating that a textbook pattern predicting $7,000 was almost confirmed when the drop took place. Yet an analyst has said that stepping back, Bitcoin is still in consolidation. Bitcoin Is Still Trapped In a Trading Range According to the trader that shared the chart below, Bitcoin is still trading in a range, technically speaking. The analyst noted that since the dump yesterday stopped around $8,900, that support is still in play. “BTC still playing ping pong inside the consolidation range. There is no need to be upset,” he wrote. Range analysis chart over recent months by Crypto Monk (@thecryptomonk on Twitter). Chart from Tradingview.com Blockroots founder Josh Rager has echoed this sentiment. As reported by Bitcoinist previously, Rager said that Bitcoin’s current range is $8,500-10,000. Unless it breaks those levels on a daily/weekly time frame, it remains in that range. “BTC’s range is clear. Current support that has been holding the past three weeks is the mid-range Break down here and price likely to see $8900 followed by $8500 range bottom,” Rager wrote, referencing the chart seen below. Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com There’s also a comment from Tone Vays, a former VP at JP Morgan Chase. The Bitcoin analyst said in a recent analysis published to Youtube: “Like I’ve been saying for months now, I have no reason to walk away from my prediction early in the year that Bitcoin is going to get stuck between $6,000 and $10,000 for the majority of this year,” he said. Bulls Could Take Control With BTC still trading in its range, the question of “which way will the consolidation break” has been raised by many. Right now, many are divided, but there is evidence suggesting bulls will take control. There is a confluence of fundamentals suggesting the long-term trend is still up. These include but are not limited to: potential macro weakness in the U.S. dollar, a strong gold price, miners pushing Bitcoin’s hash rate higher, and a decrease in selling pressure from HODLers. There was also a range analysis recently done by a data analyst. It suggests that 77% of the time Bitcoin has looked as it does now (over the past two years), bulls have broken BTC higher. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com No, Bitcoin Breaking Below $9k Was Not a Bearish Breakout: Analyst

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