{"id":367984,"date":"2019-01-12T20:00:38","date_gmt":"2019-01-12T20:00:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=367984"},"modified":"2024-06-11T07:43:07","modified_gmt":"2024-06-11T07:43:07","slug":"analyst-bitcoin-must-finish-weekend-above-3700-to-avoid-further-losses","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analyst-bitcoin-must-finish-weekend-above-3700-to-avoid-further-losses\/","title":{"rendered":"Analyst: Bitcoin Must Finish Weekend Above $3,700 to Avoid Further Losses"},"content":{"rendered":"
Following the cryptocurrency market\u2019s recent plunge that sent Bitcoin and most altcoins down 10% or more, the markets have been able to find some levels of stability around their current price levels and are currently trading down slightly.<\/p>\n
One analyst now claims that Bitcoin must finish the weekend above $3,700 in order for it to climb higher, or else it will likely drop<\/a> into the low-$3,000 region.<\/p>\n Yesterday, Bitcoin treated $3,700 as a level of support throughout the day, but it now appears that this price is becoming a level of relative resistance for the cryptocurrency.<\/p>\n At the time of writing, Bitcoin is trading down 1% at its current price of $3,660. Earlier this week, Bitcoin plunged to its current prices after surging to highs of $4,100 last weekend. This drop destroyed most of the upwards momentum that Bitcoin had experienced after it set 2018 lows at $3,200 in mid-December.<\/p>\n DonAlt, a popular cryptocurrency analyst on Twitter, recently told his followers<\/a>\u00a0that he believes it is important that Bitcoin finishes the weekend decisively above $3,700 in order for it to climb higher.<\/p>\n \u201cIf we do retest 3700 on the weekend and don’t manage to close above there I’m expecting ~3350. I’ll most likely close my hedge short there. This is the reason why you shouldn’t trust mismatched patterns,\u201d he explained.<\/p><\/blockquote>\n Although $3,700 may be an important price level in the short-term, on a larger time frame it now appears that Bitcoin is caught in a trading range between $3,550 and $4,200. Mati Greenspan, the senior market analyst at eToro, explained this in a recent note, saying<\/a>:<\/p>\n \u201cIt seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200\u2026 Movements within a range can sometimes be sudden like we saw yesterday, but unless there\u2019s a breakout of the key levels there really isn\u2019t much to write home about.\u201d<\/p><\/blockquote>\nBitcoin Stable, Struggling to Break Above $3,700<\/strong><\/h2>\n
Altcoins Drop Slightly<\/strong><\/h2>\n