• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Saturday, January 28, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Bitcoin’s Bull Case Degrades Following Selloff; What Analysts Are Watching

26 August 2020
in Bitcoin
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



  • Bitcoin is flashing signs of weakness following the intense selloff it saw yesterday
  • Sellers ultimately forced its price as low as $11,100 before it found significant support that allowed it to rebound up towards $11,400
  • This momentum proved to be fleeting, however, as BTC’s price quickly retraced back down towards $11,300 following this movement
  • It now appears to be at risk of seeing significantly further near-term downside
  • Some analysts are even targeting movements down towards $10,000 in the days ahead

Bitcoin is currently facing some intense selling pressure that is putting its position within the lower-$11,000 region at risk.

This came about following a period of relative stability seen yesterday after the crypto’s price was able to bounce at lows of $11,100.

It does appear that BTC may soon revisit these lows, as sellers are currently attempting to take control of the crypto as the selling pressure begins ramping up.

$11,300 has become slight support for the benchmark digital asset, as buyers have been ardently guarding against a break below this crucial price level.

Nonetheless, one top trader is now setting his sights on a plunge towards $10,000 in the coming days, which would mark a notable decline from the crypto’s recent highs of $12,400.

Bitcoin Shows Signs of Weakness as Selling Pressure Ramps Up 

At the time of writing, Bitcoin is trading down marginally at its current price of $11,300. This is around the price at which it has been consolidating at following the decline to $11,100 seen yesterday.

After tapping these lows, the crypto was eventually able to surge as high as $11,400, but it faced a rejection here that subsequently led it down to its current price level.

One trader is noting that BTC is currently trading around a price region he is comfortable longing, although a break below here could be dire.

“Don’t know how [much] BTC has in the tank today. Looking to operate within the LTF levels but seeking another downside move. While the line is blue, I’ll be long,” he said while pointing to the below chart.

Image Courtesy of Cold Blooded Shiller. Chart via TradingView.

Here’s How Low BTC Could Reel if It Breaks Below $11,300

Although this level might provide Bitcoin with some support in the near-term, a break below it may send the cryptocurrency plunging to new local lows.

One analyst put forth a chart showing that his downside target sits around $10,300.

“BTC – Short plan if it sets up. Blue arrows / trigger points / entries. Looking for an over back under at the pivotal mid range,” he explained.

Image Courtesy of TraderXO. Chart via TradingView.

How Bitcoin reacts to $11,300 as the day drags on should be the factor that determines how it trends during the rest of the week.

Featured image from Unsplash.
Charts from TradingView.





Source link

Related articles

Large Whales Accumulated 37.1k BTC Recently

16 January 2023

World’s First National Park Banks On Bitcoin Mining

16 January 2023
Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: AnalystsBitcoinsbullCaseDegradesSelloffWatching
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

NASA Is Bankrolling a Blockchain for Quadcopter Communications in Space

Next Post

Arrington XRP Capital backed DeFi Project Bella Protocol Secures $4 Million in Seed Funding

Related Posts

Large Whales Accumulated 37.1k BTC Recently

16 January 2023
0

On-chain data shows large Bitcoin whales have finally started accumulating in the last 10 days as BTC has rallied strong....

World’s First National Park Banks On Bitcoin Mining

16 January 2023
0

Bitcoin mining still has a bad reputation among politicians and in the mainstream media due to its large energy consumption....

Bitcoin Breaks Past $20,000 Barrier, Rallies 24% In Last Seven Days Post-FTX Mess

14 January 2023
0

Bitcoin is showing some renewed energy. As of writing, the top cryptocurrency is trading at $20,883, leading the crypto market...

Bitcoin Educated: Over 65% Of Oman’s Crypto Owners Have College Degrees, Study Shows

14 January 2023
0

According to the conclusions of a new Souq Analyst survey, about 65,000 of the people in Oman possess bitcoin and...

Bitcoin Holders Who Bought In Last 5 Months Now In Profit

13 January 2023
0

On-chain data shows that the average Bitcoin short-term holder is back in profit as BTC continues the sharp upwards momentum....

Load More
Next Post

Arrington XRP Capital backed DeFi Project Bella Protocol Secures $4 Million in Seed Funding

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • XMR, DOT Move Higher, Rebounding From Recent Declines – Market Updates Bitcoin News
  • NFT Tallinn to be the flagship large-scale Web3 event in Northern and Eastern Europe
  • NFTs and Other Trends That Will Shape the Crypto Industry

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$45,716.00-1.31%
  • ethereumEthereum(ETH)$3,456.77-0.85%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$439.95-1.61%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • SolanaSolana(SOL)$128.84-4.73%
  • rippleXRP(XRP)$0.82-1.94%
  • TerraTerra(LUNA)$111.19-1.25%
  • cardanoCardano(ADA)$1.190.55%
  • AvalancheAvalanche(AVAX)$92.73-3.81%
  • polkadotPolkadot(DOT)$22.10-4.14%
  • dogecoinDogecoin(DOGE)$0.144901-0.44%
  • Binance USDBinance USD(BUSD)$1.000.03%
  • TerraUSDTerraUSD(UST)$1.00-0.03%
  • Shiba InuShiba Inu(SHIB)$0.000026-1.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$45,705.00-1.34%
  • CronosCronos(CRO)$0.473031-1.56%
  • matic-networkPolygon(MATIC)$1.63-2.68%
  • Lido Staked EtherLido Staked Ether(STETH)$3,455.57-0.80%
  • NEAR ProtocolNEAR Protocol(NEAR)$15.62-3.50%
  • daiDai(DAI)$1.00-0.09%
  • cosmosCosmos Hub(ATOM)$30.76-3.98%
  • litecoinLitecoin(LTC)$123.39-2.73%
  • chainlinkChainlink(LINK)$17.14-5.68%
  • tronTRON(TRX)$0.069912-3.60%
  • bitcoin-cashBitcoin Cash(BCH)$370.86-0.90%
  • FTX TokenFTX Token(FTT)$49.41-1.74%
  • ethereum-classicEthereum Classic(ETC)$45.69-1.36%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • algorandAlgorand(ALGO)$0.88-4.27%
  • stellarStellar(XLM)$0.231372-0.55%
  • leo-tokenLEO Token(LEO)$5.95-0.02%
  • OKBOKB(OKB)$20.68-0.82%
  • UniswapUniswap(UNI)$11.31-3.17%
  • vechainVeChain(VET)$0.076890-1.96%
  • Axie InfinityAxie Infinity(AXS)$63.07-4.37%
  • HederaHedera(HBAR)$0.235142-4.16%
  • Internet ComputerInternet Computer(ICP)$21.47-0.24%
  • filecoinFilecoin(FIL)$24.44-2.18%
  • ElrondElrond(EGLD)$189.04-2.56%
  • decentralandDecentraland(MANA)$2.61-2.92%
  • The SandboxThe Sandbox(SAND)$3.40-2.47%
  • FantomFantom(FTM)$1.52-3.28%
  • moneroMonero(XMR)$214.53-0.30%
  • wavesWaves(WAVES)$37.59-24.48%
  • theta-tokenTheta Network(THETA)$3.76-6.47%
  • cETHcETH(CETH)$69.26-1.11%
  • tezosTezos(XTZ)$3.80-4.12%
  • ApeCoinApeCoin(APE)$11.60-3.99%
  • The GraphThe Graph(GRT)$0.480061-4.90%