For the last 7 days, the market chop has carried on as Bitcoin has oscillated between $11k and the high $9k price ranges. It has not stayed in four figures for long but analysts are being led towards bearishness in the short term.
Bitcoin Buyers Still Below $10k
Directly from its low of $9,750 yesterday, BTC recovered to reclaim the $10k zone fairly quickly and has stuck around there for the best part of the past 24 hr. It posted an intraday peak of $10,250 a couple of hours back during early trading on Friday and appears to be settling at this level. The choppy consolidation has continued and it is very likely to proceed into the weekend.
It is clear that there are a lot of buyers snapping up four figure Bitcoin as it does not remain there for very long. Analysts have been eyeing the next move for BTC and several see an ascending triangle forming in the hourly time frame which could lead to further gains.
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle.”
Lets zom in on $BTC. We have been formin an ascending bullish triangle, ans also and inverse HS Pattern, which very soon will make $BTC go up.
The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle. pic.twitter.com/FINBiqRNBJ
— D4rkEnergY (@D4rkEnergYYY) August 23, 2019
The highs are creeping up however so a move to the following resistance level around $10,400 wouldn't be out of the question. On the downturn there is clear support at around $9,800 and even more in the mid-$9k location, this has been hard to crack in recent weeks. Regardless, the trepidation and hysteria over the past couple of days has been completely unwarranted.
The fear and greed index took a drop down to 5 in the last day, which actually was even lower than during the 2018 bottom in the middle of December when Bitcoin fell dramatically all the way down to $3,200. The index seems to be aligned with the psychological $10k barrier as it falls significantly any time BTC goes beneath it.
Crypto pundit and web security personality, John McAfee remains resolute agreeing that the current level of fear is totally unnecessary.
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”
Over the last 60 days, BTC has played nonchalantly around in a range bound channel so these movements are to be honest, quite meaningless in the short term. This changes once you view that in the longer term however, is a totally different picture and one that again is strongly dominated by the bulls.
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