Technical analysis shows that Bitcoin has held support, but the question is whether the recent price drop has bottomed out.
The downward momentum has been curbed, but not necessarily hit the bottom
Recent price drops below $ 9,100 have brought BTC to a low of $ 7,700. But as the selling pressure subsided, Bitcoin is currently inching up and trading above $ 8,000 without another incident. It is possible that the right whales have massively reduced prices, while allowing for resilience.
CryptoDog analyst predicts that the selloff will continue and has not hit the bottom.
The Don Zone held.
Not clear if this is the bottom, yet. pic.twitter.com/HgrU3ARypA
– The Crypto Dog📈 (@TheCryptoDog) March 10, 2020
“Area Don is maintained.
It is unclear if this is the bottom. "
Psychology and transaction model of BTC still showing “extreme fear,” signaling an uptrend will soon arrive. The bottom is below $ 7,700 if the price declines sharply, causing the market to sell off.
Bitcoin still follow the long-term trajectory
BTC was also tested while stock indices quickly regained their previous boom positions. Due to the general uncertainty surrounding the oil price war and the Corona virus pandemic, the king coin may not increase as usual. Halving has also lost the ability to influence.
The price traded at $ 7,946 on Wednesday, with volume dropping slightly by around $ 41 million. But new factors such as a series of liquidated whales show that the chart is not moving properly. BTC wallets can also start liquidating in times of turmoil.
Whether $ 7,700- $ 7,900 is a bottom or not, only time will tell, as well as the likelihood of a surprise surprise.
A very probable bouncehttps://t.co/johhjBxXao#BTC pic.twitter.com/X1yiJ0AxWc
– CryptoAddict (300k Dec2020) (@ GlobalLife365) March 9, 2020
“Very cIt may increase ".
For others, the BTC price is now down and the downtrend continues to be shown on the larger bullish head and shoulders pattern. If possible, Bitcoin will increase annually to $ 14,000.
See you at 13-14k 😘#BTC just start! pic.twitter.com/vbC1Rp1OCn
– Bitfire (@ Nautilus0101) March 9, 2020
“Follow 13-14K! "
The current bottom touches the bottom of the range of the long-term BTC trajectory. The price has not yet broken below the range and supports for long-term price rises. This downside move also took place after the 200-day MA formed the golden cross, although it did not raise prices immediately.
At this time, traders should act cautiously. Bakkt trading volume has recently decreased from the February highs.
Monday's Bakkt Bitcoin Monthly Futures:
📈 Traded contracts: 1351 ($ 10.78 million, + 219%)
🚀 All time high: 6601 (12/18/2019)
Interest Open interest: $ 7.15 million (-16%)Trade while you sleep and take your emotion out of the equation: https://t.co/W8ClGYnuNn pic.twitter.com/kWMm9MpkEC
– Bakkt Volume Bot (@BakktBot) March 10, 2020
"Bakkt monthly BTC futures contract t2nd
Contract of transactions: 1,351 ($ 10.78 million, + 219%)
All-time high: 6,601 (December 18, 2019)
OI: $ 7.15 million (-16%)"
Bitcoin has risen from its lows so far, which is still in line with predictions of a range move in 2020, hitting a peak but also correcting to the bottom of the range.
You can see the price of BTC here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Thuy Trang
According to Bitcoinist
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