BTC/USD Rockets to Highest Print Since June: Sally Ho's Technical Analysis 27 July 2020 BTC

19d
cryptodaily

Exploring Decentraland: A Review of the Virtual World Built on Ethereum

19d
thebitcoinnews

J. A. McDonald: The Longest Running Case of Mass Hysteria

19d
thebitcoinnews

Popular Indian Youtube Channel Hacked to Promote Bitcoin Giveaway Scam

19d
thebitcoinnews

Tips on How to Minimize the Risks When Trading Cryptocurrencies

19d
thebitcoinnews

Analyst Who Predicted Bitcoin’s V-Shaped Reversal Expects Rally to $17k

19d
bitcoinist

Charles Edwards: BTC Could Shoot Up with Banks’ Help

19d
livebitcoinnews

These 3 Metrics Suggest Bitcoin Is Building Up Bullish Momentum

19d
bitcoinist

Are Institutional Investors Not Buying Bitcoin Anymore?

19d
coininsider

Visa Moving to Integrate With Digital Currency Platforms

19d
thebitcoinnews

Bakkt Hasn’t Experienced Any BTC Options Trading Since Mid-June

19d
livebitcoinnews

XRP Is Surging But Not Everyone Is Convinced a Bull Run Is Certain

19d
bitcoinist

Bitcoin Is Readying for “Big Move,” Says Fund Manager Who Predicts $50k BTC

19d
bitcoinist

Market Update: Crypto Cap Nears $300 Billion, BTC Hits $10K, ETH Rallies Hard

19d
thebitcoinnews

ETH/USD Launches to Highest Print Since July 2019: Sally Ho's Technical Analysis 26 July 2020 ETH

19d
cryptodaily

After Surging 25% in 5 Days, Ethereum Forms Sign Last Seen Before March Dump

19d
bitcoinist

Visa Claims It Will Support More Stable Currencies in the Future

19d
livebitcoinnews

Analyst Who Predicted BItcoin’s 2018 Bottom Thinks $10k Is Imminent

19d
bitcoinist

Adam Back & Satoshi Nakamoto: friends or strangers?

19d
cryptodaily

Bitcoin Falls Back Into The $9K Zone After Its Brief $10K Breach

19d
coingape

Bitcoin and Ethereum Surge to New Highs, Gold Almost at All-Time High

19d
cryptoglobe

After Surging 15% in 5 Days, XRP Prints Textbook Sell Signal

19d
thebitcoinnews

Bitcoin SV Is Stuck Below $200, May Resume Upside Range Correction

19d
coinidol

Here’s Why Bitcoin is Poised to Hit $11,500 Following Overnight Rally

19d
bitcoinist

Former CFTC commissioner believes the US should bring in outside stakeholders for a CBDC to bring in a new perspective

19d
cryptodaily


Bitcoin Has To Reclaim This Level Or Risk A Correction To $8,600, Warns Crypto Strategist

zycrypto

1mon ago

Bitcoin has seen a decent rally over the past two days or so. After slumping below $9,000 over the weekend in a bearish move that made the bulls wary, BTC rallied past $9,300 on July 7 for the first time in approximately 10 days. However, this did not last long as the benchmark crypto dipped to around $9,233 at the time of publication.

Following BTC’s rejection from $9.3K, analyst FilbFilb noted that the coin’s 50-day moving average (DMA) is now the current test for the bitcoin price – although it has given way two times already in the past. Speaking on his Telegram trading channel, he stated:

“Bitcoin Failed to reclaim that 9300 level last night. The 50 DMA is again the test for Bitcoin,  sat at ‘support’ on the 9250 level but the previous 2x times this failed in the exact same situation. SPX futures were down those times too as they are today, so given that I’ve hedged my longs for now.”

This simply implies that those hoping for sky-high prices in the near future might be in for a rude awakening – at least for now. And according to another analyst, BTC must reclaim $9,600 or risk a drawdown.

Danger is lurking in the bitcoin market. Analyst TheCryptoCactus noted that a sell-off to the $8.6K level could be around the corner if the bulls don’t push the price to $9,600 and flip it to support.

To be precise, the analyst posited that this needs to happen before the end of the week. “If bulls lack momentum now then $8,600 is next,” the analyst pointed out while referring to the chart below.

Bitcoin has risen a stellar 27% this year, outperforming gold and equity markets. Yet, over the past couple of weeks, BTC’s volatility has dropped to historic lows. Bloomberg analysts have even described the flagship crypto as a “resting bull” that is on the verge of a massive breakout.

For bitcoin to maintain its luster, it must first tackle the stubborn resistance at $9,300 as it advances higher to $9,600. Failing to do so could see BTC plummet towards $8,600.

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments