Bitcoin Consolidates as Analysts Eye Multiple Key Levels
At the time of writing, Bitcoin is trading down nominally at its of $8,660, which is around where it has been trading at for the past 24-hours.
The cryptocurrency’s ongoing selloff first began last Sunday when it ran to highs of $10,000 before facing a swift rejection at this level, with bull’s inability to recapture its position above this level being a grave sign for the crypto. Analysts are now noting that how BTC responds to this ongoing bout of sideways trading should offer insight into where the markets will trend next.“Bitcoin: At this point, remaining fairly unchanged in the perspectives. Holding here and I assume $9,000-9,200 retest is likely. Losing it and I’d be pointing $7,500-7,700,” he noted.
At this point, remaining fairly unchanged in the perspectives. Holding here and I assume $9,000-9,200 retest is likely. Losing it and I'd be pointing $7,500-7,700. — Michaël van de Poppe (@CryptoMichNL)
BTC Could Provide a “Golden” Short Opportunity if it Taps This Level
Teddy, another popular cryptocurrency analyst, believes that Bitcoin’s recent price action has firmly invalidated its bullish market structure for the time being, leading him to believe further downside is imminent.
“BTC: Brutal breakout, supports were annihilated – clear bear bias of price structure. Currently consolidating in a down channel, historically they break upwards – 9150’s rejection will be a golden short opportunity. Retest of previous support as resistance?”//twitter.com/TeddyCleps/status/64295680
If Bitcoin fails to garner any upwards momentum, or faces another firm rejection, prior to its weekly close tomorrow, it could mean further downside is inbound.
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