Bitcoin Price Uptrend Still Solid Despite Fall Below $10,000

Bitcoin Price Uptrend Still Solid Despite Fall Below $10,000

When crypto markets fall hard in a few hours panic usually sets in. A torrent of sell orders usually floods the market until Bitcoin price finds support. This is exactly what happened yesterday, but zooming out will provide an opportunity to breathe as not all is as bad as it seems.

Bitcoin Takes a Breather

Since its big slide yesterday, bitcoin has found support in the $9,500 region according to Tradingview.com. There has been no attempt at recovery just yet so further losses could be imminent. Over the course of the week, BTC has lost around 8.5% but this is nothing new and has happened on countless previous occasions.

BTC price 1 hour chart – Tradingview.com

Bitcoin is currently at a critical support level, and is holding where it previously bounced. As trader and analyst Josh Rager points out, a break down from here will plunge the asset into the high $8k zone.

Currently holding above the previous low on the daily close but if price breaks down it’s going to $8,7ks. After that, it heads towards $8k but everyone is watching it so either it bounces before or goes through. Needs to break back above $10,100 to get bullish

Many analysts, including Rager, seem to be willing a fall to $8k as it provides a better opportunity to accumulate. He added that it would be awesome if bitcoin broke below this price level. The buyers waiting for the current price range may have run out of steam but there will be a lot more lurking at areas below.

Chart guru Willy Woo has taken a look at the bigger picture which is still pretty healthy. Moving averages have served as reliable levels of support and resistance during both bull and bear cycles. The current is still definitely bullish and a retouch of the 128-day moving average is a very good sign according to this analyst.

Kissing the 128d MA is a very good sign. It was overheated till this. People familiar with BTCs historic personality know that the 128d line needs to be touched many times during a bull market to stay grounded. They present good buying opportunities

A fall to $8k or even the massive support zone at $6k would still see bitcoin prices significantly higher than they were at the beginning of the year.

The uptrend is still very much intact so when the panic starts to ensue, zooming out could be the best therapy.

How low will Bitcoin price drop during this correction? Add your thoughts below.

Images via Bitcoinist Image Library, BTC/USD charts by Tradingview, Twitter: @woonomic, @Josh_Rager

The post Bitcoin Price Uptrend Still Solid Despite Fall Below $10,000 appeared first on Bitcoinist.com.

30.08.2019 / 03:30 52
Bitcoin Approaches Critical Support Level After 9% Slide Bitcoin Approaches Critical Support
As predicted, a big movement came for bitcoin following a week of consolidation. Analysts have been mixed all week but those that leaned towards
Bitcoin Extends Losses With 12% Slide, Targets $8,000 Bitcoin Extends Losses With 12% Slide,
Bitcoin continues to trade at four figures today as a new wave of bearish momentum sends the asset plummeting below $9,600. A couple of big red
The Current Bitcoin Price Dip Is A Great Gift: Analyst The Current Bitcoin Price Dip Is A
The bitcoin price pullback has continued into Monday morning. The weekend saw BTC and it’s crypto brethren plunge back below key support levels, many
Has The 30 Percent Bitcoin Price Correction Happened Already? Has The 30 Percent Bitcoin Price
The much talked about 30% correction in Bitcoin price was hit pretty much spot on during yesterdays US trading session. Many are now questioning
Cryptocurrency Markets Plunge 11% in a Single Day Cryptocurrency Markets Plunge 11% in a
Just when things were looking positive for 2019, and cryptocurrency markets were making a slow recovery from their December lows, the bears came out
Markets Steady After Yesterday’s Plunge, Analyst Says Bitcoin Is Nearing a Buy Zone Markets Steady After Yesterday’s
After a day of widespread losses, the cryptocurrency markets appear to have found some stability at their current levels, and one analyst believes
Comments (0)
Add a comment
Comment on