Bitcoin Hits “Do-Or-Die” Support Level as Selling Pressure Swells

Bitcoin Hits “Do-Or-Die” Support Level as Selling Pressure Swells
фото показано с : ethereumworldnews.com

2019-7-15 22:02

After an extended period of consolidation, Bitcoin has failed to hold above its previously established support level at $11,000 and has now plunged into the $10,000 region. Today’s price plunge marks an extension of the downwards pressure that BTC first incurred when it failed to break past $13,800, which remains a yearly high.

Analysts are now noting that Bitcoin is nearing a “do-or-die” price point at which the cryptocurrency must hold above, or else significantly further losses could be imminent – which may mark a reversal of the bull trend that has occurred throughout 2019.

Bitcoin Drops Towards $10,000, Breaking Previously Formed Parabola

At the time of writing, Bitcoin is trading down over 7% at its current price of $10,490, which is down significantly from its daily highs of $11,500.

While looking towards BTC’s price action over a one-week period, it is clear that bears are in full control at the moment, as the cryptocurrency’s buyers were unable to stabilize its price above $13,000.

Additionally, this recent period of consolidation and subsequent drop has forced Bitcoin to violate its previously formed parabola that was created during the course of this uptrend, which may spell trouble for the entire crypto markets.

Peter Brandt, a highly celebrated analyst who predicted the recent bull run, spoke about the violation of this parabola in a recent tweet, while referencing the below chart.

A rendering $BTC pic.twitter.com/o8AkdUVelq

— Peter Brandt (@PeterLBrandt) July 13, 2019

Importantly, the violation of this parabola could lead to significantly further losses in the coming days, weeks, and months; which could mean that the recently formed bull trend is in full reversal.

Analyst: BTC at a “Do-Or-Die” Level That Must Hold

It is highly probable that analysts will soon understand whether or not bears will garner full control of the cryptocurrency, as it is currently sitting at a price level that must be held in the near-term, or else significantly further losses could be imminent.

Josh Olszewicz, a popular cryptocurrency analyst on Twitter, spoke about this price level in a recent tweet, noting that it may not be until August or September that we truly know whether or not BTC will soon drop back into the four-figure price region.

“1D $BTC at Kijun do-or-die support here. Possible that we grind for a while in triangle consolidation then make a decision towards Aug/Sept. If break down, e2e to 8.8. Closing Q3 at -15%ish is on par w/historic Q3s. #WakeMeUpWhenSeptemberEnds is a real thing,” he explained.

1D $BTC

at Kijun do-or-die support here

possible that we grind for awhile in triangle consolidation then make a decision towards Aug/Sept

if break down, e2e to 8.8

closing Q3 at -15%ish is on par w/historic Q3s#WakeMeUpWhenSeptemberEnds is a real thing pic.twitter.com/iqs00pH5Ir

— Josh Olszewicz (@CarpeNoctom) July 14, 2019

As the week drags on and Bitcoin continues to react to its key support levels that lie directly below its current price level, it will likely soon grow clear as to whether or not BTC will continue climbing higher or if the “Crypto Winter” will persist.

The post Bitcoin Hits “Do-Or-Die” Support Level as Selling Pressure Swells appeared first on Ethereum World News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Level Up Coin (LUC) на Currencies.ru

$ 7.53E-5 (+0.68%)
Объем 24H $0
Изменеия 24h: 1.94 %, 7d: 12.29 %
Cегодня L: $7.53E-5 - H: $7.53E-5
Капитализация $75.097k Rank 1896
Цена в час новости $ 0.0001993 (-62.22%)

level bitcoin support do-or-die hits swells selling

Источник: ethereumworldnews.com

level bitcoin → Результатов: 126


Bitcoin Nears Highs, But It May Not Be Ready for a Breakout; Here’s Why

Bitcoin has seen some incredible strength throughout the past few days, with each dip being aggressively absorbed by buyers This has allowed the crypto to rally past the $18,000 level and gain what appears to be a strong and stable foothold here Where it trends in the near-term should depend largely on its continued reaction to this level One analyst is noting that BTC does look like it wants to test its post-2017 highs of […]

2020-11-21 21:00


Analysts Watch Crucial Bitcoin Support as Altcoins Gain Momentum

Bitcoin has been inching lower throughout the past few days and weeks, with buyers and sellers both being unable to take control of its near-term trend This slight decline has come about following a period of immense strength and stability as it consolidated above $16,000 If it continues trading below this level, its recent $16,500 highs could mark a long-term top Where it trends next may depend on one key support level that an analyst […]

2020-11-15 01:00


Here are the Key Levels Ethereum Must Shatter to Kick Off a Bull Trend

Ethereum’s price has been closely tracking that of Bitcoin throughout the past few days, but this trend has shown some signs of breaking today While Bitcoin is pushing past its key resistance within the lower-$1,000 region, ETH is still stuck below its $360 resistance level If it is able to break these levels, it will then face a significant hurdle between $380 and $400 A continued inability to break above this level could do some […]

2020-10-9 23:00


Bitcoin Could Plunge to $8,100 if These Key Levels Fail to Hold

Bitcoin’s bulls and bears are currently engaged in a heated battle for control of $10,000, with this crucial level likely being the sole factor that determines its near-term outlook. Analysts are noting that the ultimate reaction to this level will likely provide BTC with serious guidance, as a failure to hold above it could spark a far-reaching downtrend BTC is also approaching a key technical level that bulls must try to defend ardently – its […]

2020-9-8 02:00


Bitcoin Prone to Seeing Downside as It Trades Below Key Level

Bitcoin and the aggregated crypto market are struggling to extend the mid-term uptrend that has driven them higher over the past few weeks This has come about as BTC pushes up against insurmountable resistance at $12,000 – a level that it has been rejected at on multiple occasions Analysts are now noting that it may require a daily close above $11,900 for it to see further upside that sends it past this price level There […]

2020-8-14 02:00


Bitcoin’s Highest Weekly Close Since Jan 2018 Coincides with Falling Inflow to Exchanges

Yet another weekend that saw Bitcoin jumping the $12,000 level. After breaking the key level of $10,000, now the largest cryptocurrency is working on another important level. Over the weekend, BTC went down to $11,500 only to start gaining momentum towards the end of the day to start yet another bullish week. And #Bitcoin has […]

2020-8-10 15:59


PlanB: Bitcoin Price Below S2F Model Value Is A ‘Rare’ Opportunity For BTC To $10,000 By EOY

Before breaking the record losing streak of 2014, that has BTC crashing to $6,515 level, Bitcoin went back above $7,000 and is still maintaining around that level. Since last week, Bitcoin price has lost 15% of its value, sinking to the lowest level in six months on concerns of a crackdown on crypto trading by […]

2019-11-26 20:06


This Former Wall Street Executive Still Awaits $4,000 While Market Sentiments say Level is Long Gone

The Bitcoin market is enjoying a good 2019, being the top performing asset with 224 percent gains till date, this year. We saw explosive growth in the past three months that has the leading cryptocurrency climbing up to $13,900 level from the bottom of $3,150 in December 2018. However, from the new 2019 high, Bitcoin […]

2019-6-29 19:55


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Notcoin (NOT) near top 100 by market cap amid price surge

Notcoin (NOT) price jumped 20% on Tuesday as the new token continued to rise. Currently with a market cap of $942 million, Notcoin looks primed for a break into the top 100 coins. Bitcoin, Ethereum and Solana have all slipped 3% in the past 24 hours.

Mt. Gox moves over $9 billion in BTC to new wallet

Bitcoin price dipped nearly 2% on Tuesday morning to trade at lows seen last Friday before rebounding slightly as of writing. This BTC price decline came after the latest crypto news around defunct cryptocurrency exchange Mt.

PEPE and FLOKI extend gains as memecoins tease bull run

Pepe price is up 80% this past week and over 140% in 30 days. FLOKI has jumped 36% this past week and 53% in the last 30 days. Pepe (PEPE) was the standout memecoin this past week, rising more than 80% to reach a new all-time high of $0.

Sui price recovery gains momentum as Mysticeti upgrade launches on mainnet

Sui price has witnessed a significant price recovery in the past week, following the launch of its Mysticeti upgrade on the mainnet. The Mysticeti upgrade provides a breakthrough in consensus latency and transaction speeds and it has positioned Sui as one of the fastest blockchains, driving market confidence and user adoption. Sui Network Mysticeti upgrade […]