Bitcoin Fails to Find Buying Pressure at Current Price Levels<\/strong>\u00a0<\/strong><\/h2>\nAt the time of writing, Bitcoin is trading down nominally at its current price of $3,625. BTC<\/a> has been stuck around this price for several days now and has failed on multiple occasions to move any higher.<\/p>\nAlthough last Friday\u2019s price surge led many traders and analysts to believe that BTC was oversold in the low-$3,000 region, one analyst is now claiming<\/a>\u00a0that its inability to continue climbing signals that it was not, in fact, oversold at $3,400, and may continue to drop in the near future.<\/p>\n\u201cBitcoin continues bouncing around in the upper $3K range. But we saw this same behavior at $9K support, $8K support, $7K, $6K, $5K and $4K. By now the pattern is pretty obvious. Investments that are oversold bounce quickly and sharply from those grossly unjustified levels. The lack of a decisive bounce tells us that bitcoin is not grossly oversold yet. That means lower prices are still ahead of us,\u201d explained Jani Ziedins of the Cracked Market blog while speaking to MarketWatch.<\/p><\/blockquote>\n
Bitcoin Support Getting Increasingly Weak as it Continues Ranging<\/strong><\/h2>\nOver the past few days, Bitcoin has been caught in a narrowing trading range between $3,550 and $3,630, which has led to a bout of choppy trading within this small trading range.<\/p>\n![\"\"](\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/02\/bitcoin-price-crypto-shutterstock_1038671149.jpg?resize=600%2C400\")
Analysts seem to concur that Bitcoin will see further losses before finding a region of strong support.<\/figcaption><\/figure>\nIn a recent tweet from Hsaka, a popular cryptocurrency trader on Twitter, he noted that as of now he is cautiously bearish on Bitcoin despite its current involatility.<\/p>\n
\u201c$BTC\u2026Haven’t the slightest as to which way this expands\u2026 A right proper stalemate as of now, wicks on both sides without any follow through of either\u2026 If I was hard-pressed, I’d say I’m leaning towards more downside,\u201d he explained.<\/p>\n
\n$BTC<\/a><\/p>\nHaven't the slightest as to which way this expands.<\/p>\n
A right proper stalemate as of now, wicks on both sides without any follow through of either.<\/p>\n
If I was hard-pressed, I'd say I'm leaning towards more downside.<\/p>\n
Currently short LTC. pic.twitter.com\/3BKbK30ljl<\/a><\/p>\n— Hsaka (@HsakaTrades) February 15, 2019<\/a><\/p><\/blockquote>\n
Although last Friday\u2019s price surge led many traders and analysts to believe that BTC was oversold in the low-$3,000 region, one analyst is now claiming<\/a>\u00a0that its inability to continue climbing signals that it was not, in fact, oversold at $3,400, and may continue to drop in the near future.<\/p>\n \u201cBitcoin continues bouncing around in the upper $3K range. But we saw this same behavior at $9K support, $8K support, $7K, $6K, $5K and $4K. By now the pattern is pretty obvious. Investments that are oversold bounce quickly and sharply from those grossly unjustified levels. The lack of a decisive bounce tells us that bitcoin is not grossly oversold yet. That means lower prices are still ahead of us,\u201d explained Jani Ziedins of the Cracked Market blog while speaking to MarketWatch.<\/p><\/blockquote>\n Over the past few days, Bitcoin has been caught in a narrowing trading range between $3,550 and $3,630, which has led to a bout of choppy trading within this small trading range.<\/p>\n In a recent tweet from Hsaka, a popular cryptocurrency trader on Twitter, he noted that as of now he is cautiously bearish on Bitcoin despite its current involatility.<\/p>\n \u201c$BTC\u2026Haven’t the slightest as to which way this expands\u2026 A right proper stalemate as of now, wicks on both sides without any follow through of either\u2026 If I was hard-pressed, I’d say I’m leaning towards more downside,\u201d he explained.<\/p>\n $BTC<\/a><\/p>\n Haven't the slightest as to which way this expands.<\/p>\n A right proper stalemate as of now, wicks on both sides without any follow through of either.<\/p>\n If I was hard-pressed, I'd say I'm leaning towards more downside.<\/p>\n Currently short LTC. pic.twitter.com\/3BKbK30ljl<\/a><\/p>\n — Hsaka (@HsakaTrades) February 15, 2019<\/a><\/p><\/blockquote>\nBitcoin Support Getting Increasingly Weak as it Continues Ranging<\/strong><\/h2>\n
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