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Home / Business / Bitcoin takes a breath, but is BTC ready to drop to $ 6,000?

Bitcoin takes a breath, but is BTC ready to drop to $ 6,000?



The Bitcoin Prize has been leveled out by the long-awaited correction that started in early Asian trading on Friday. The thousand-dollar drop found support over $ 7,000, and a new trading range has formed for now. The big question for traders and those looking for a better entry point is; Will the BTC fall back to greater support over $ 6,000?


Trending Down since Thursday

Weekends are usually quiet on crypto markets and Saturday morning trading in the Far East has not been an exception. Bitcoin Price 0 0 dropped to an intraday low of $ 7.045, according to Coinmarketcap.com, but recovered back to form the range-bound channel of around $ 7,300.

The next move will be critical and many are secretly willing to move forward to create better accumulation opportunities.

Crypto Dealer & Self-Managing Map Psychologist & # 39; Chonis Trading has made the analysis marking downward support and resistance lines in the current channel;

When you look at it, it is clear that a new short-term downturn can be formed as lower downs. is registered. This reversal started on Thursday when BTC beat its 2019 high at $ 8,300. Continuing this channel will see that BTC bounces off these points of resistance in the coming days.

Most analysts agree that there is a lot of support in the low $ 6,000 figures. So this has become the goal of disadvantages. $ 6,400 was the most traded price in 2018, so a return would not be surprising. Bitcoin remained trading in that channel from August to mid-November last year.

Looking at the average that goes on, the 50 days can come into play and this is now around $ 5,500.

Some argue that the drop has caused technical damage in the short term and highlighted the discrepancies and large spread differences between different exchanges. Analyst at Forex.com, Fawad Razaqzada, told MarketWatch;

I think that the drop has caused a lot of technical damage in the short term, and the way it went down is a bit of a reminder that such things can happen again … [19659007] "In fact, bitcoin looks extremely" overbought "in the short term So, in order to get healthy pricing, bitcoin will either have to settle or, ideally for the bulls, consolidate for a while before giving further gains.

BTC Fash crashes into low $ 6K range but jumps back [19659003] European crypto-exchange Bitstamp is attributed to a large BTC sale that affected the order book and creates a cascade effect

Regardless, corrections are natural constituents of market cycles and before Bitcoin can reach new heights, The trend this year has been the complex opposite of 2018, and further gains are on the cards.

BTC is currently only breathing, although it may fall short term.

Do you think Bitcoin will fall further or rally again? Use the comments below to let us know.


Pictures via Shutterstock, Tradingview.com


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