• 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
Sunday, April 2, 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 Critical Support is Degrading, and It’s Bad for Altcoins

27 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 currently struggling to garner any notable upwards momentum as its price drifts towards its key support at $11,000
  • Sellers have been in firm control of its trend throughout the past several days and weeks
  • Where it trends in the near-term will likely depend almost entirely on whether or not bulls can continue defending against a decline below $11,000
  • One analyst is noting that a key technical support level that was bolstering BTC is degrading
  • He believes that a break below this level will spark a sharp decline, which may lead both BTC and altcoins to post massive losses

Bitcoin and the entire crypto market are currently seeing heightened weakness. This has come about due to BTC struggling to hold above its key support in the lower-$11,000 region.

If the slight buying pressure that is stopping it from seeing further downside begins disappearing, the crypto could be in for massive near-term losses.

A break below $11,000 would open the gates for a move to its historical support at $10,500, with a defense of this level being crucial for BTC to maintain its mid-term trend.

One analyst is noting that this is a real likelihood in the near-term, as one technical level that was helping defend against downside is weakening.

Analysts Target Near-Term Downside as Selling Pressure Ramps Up 

At the time of writing, Bitcoin is trading down just under 1% at its current price of $11,350.

This is around the price at which it has been trading throughout the past several days, but this morning bears were able to push it as low as $11,250.

One trader explained in a recent tweet that he is short on BTC, with downside targets sitting at $10,800 and $10,300 respectively.

“BTC – So far following the plan. Entered short 1/2 size on the underside here. Break below the blue line will be loading the rest up,” he said.

Image Courtesy of TraderXO. Chart via TradingView.

This Key Level Will Determine the Near-Term Future of BTC and Altcoins 

Another analyst recently pointed to Bitcoin’s 200-day EMA, explaining that its strength as a support level is degrading. He believes a break below this level will send shockwaves throughout the market that send altcoins plunging lower.

“BTC EMA 200 doing some work here, but it’s looking consistently weaker. A lot of overhead resistance at 11.5k. Probably going to take the L on my alts longs, I’m less confident now that it’s an environment in which majors will pump.”

Image Courtesy of Cryptorangutang. Chart via TradingView.

Bitcoin’s response to this key level in the coming few days should shine a light on the state of its mid-term outlook.

It should also play a role in determining just how far the ongoing “altseason” extends.

Featured image from Unsplash.
Charts from TradingView.





Source link

Related articles

Large Whales Accumulated 37.1k BTC Recently

Large Whales Accumulated 37.1k BTC Recently

16 January 2023
World’s First National Park Banks On Bitcoin Mining

World’s First National Park Banks On Bitcoin Mining

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

‘Gasless’ Technical Update Brings USDC One Step Closer to Venmo

Next Post

Latest Ripple price and analysis (XRP to USD)

Related Posts

Large Whales Accumulated 37.1k BTC Recently

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

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

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

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

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

Latest Ripple price and analysis (XRP to USD)

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!

  • Bitcoin (BTC) Under Satoshi Nakamoto Could Have Been Security Too: XRP Holders’ Lawyer
  • Shiba Inu, Dogecoin, and TMS Network are set to skyrocket
  • Allbridge Investigates Exploit as Bridge is Temporarily Closed – BSC NEWS

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)$28,325.00-0.50%
  • ethereumEthereum(ETH)$1,816.94-0.65%
  • tetherTether(USDT)$1.000.01%
  • binancecoinBNB(BNB)$314.940.01%
  • usd-coinUSD Coin(USDC)$1.000.05%
  • rippleXRP(XRP)$0.51-0.61%
  • cardanoCardano(ADA)$0.383784-2.01%
  • dogecoinDogecoin(DOGE)$0.0820416.69%
  • staked-etherLido Staked Ether(STETH)$1,808.29-0.90%
  • matic-networkPolygon(MATIC)$1.120.42%
  • solanaSolana(SOL)$20.98-0.28%
  • polkadotPolkadot(DOT)$6.330.70%
  • binance-usdBinance USD(BUSD)$1.00-0.02%
  • litecoinLitecoin(LTC)$93.610.08%
  • shiba-inuShiba Inu(SHIB)$0.0000110.09%
  • tronTRON(TRX)$0.066038-1.53%
  • avalanche-2Avalanche(AVAX)$17.68-0.07%
  • daiDai(DAI)$1.000.00%
  • uniswapUniswap(UNI)$6.02-2.72%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,340.00-0.36%
  • chainlinkChainlink(LINK)$7.41-1.72%
  • cosmosCosmos Hub(ATOM)$11.452.64%
  • ToncoinToncoin(TON)$2.24-0.42%
  • leo-tokenLEO Token(LEO)$3.390.07%
  • ethereum-classicEthereum Classic(ETC)$20.901.29%
  • stellarStellar(XLM)$0.1091030.20%
  • moneroMonero(XMR)$159.341.59%
  • okbOKB(OKB)$41.68-0.39%
  • bitcoin-cashBitcoin Cash(BCH)$125.260.61%
  • filecoinFilecoin(FIL)$5.680.19%
  • hedera-hashgraphHedera(HBAR)$0.0741845.35%
  • AptosAptos(APT)$12.349.88%
  • lido-daoLido DAO(LDO)$2.39-0.61%
  • true-usdTrueUSD(TUSD)$1.00-0.04%
  • quant-networkQuant(QNT)$126.981.69%
  • crypto-com-chainCronos(CRO)$0.068944-0.56%
  • nearNEAR Protocol(NEAR)$1.990.67%
  • vechainVeChain(VET)$0.0233570.31%
  • ArbitrumArbitrum(ARB)$1.27-5.87%
  • apecoinApeCoin(APE)$4.362.80%
  • algorandAlgorand(ALGO)$0.221261-0.49%
  • internet-computerInternet Computer(ICP)$5.170.31%
  • eosEOS(EOS)$1.20-0.11%
  • fantomFantom(FTM)$0.464953-0.20%
  • the-graphThe Graph(GRT)$0.142530-0.74%
  • blockstackStacks(STX)$0.911.02%
  • the-sandboxThe Sandbox(SAND)$0.630.58%
  • decentralandDecentraland(MANA)$0.613.98%
  • theta-tokenTheta Network(THETA)$1.070.52%
  • elrond-erd-2MultiversX(EGLD)$42.35-0.13%