Bitcoin May Retest $20,000 Zone Before It Drops To $18,000 Level
2022年9月19日 - 10:44PM
NEWSBTC
Fear has gripped investors and traders alike in light of the recent
adverse market action. Bitcoin, the most well-known cryptocurrency,
has suffered the highest levels of selling pressure since the
crisis in June and July. With a high of $22,400 on September 13 and
a low of $18,790 today, Bitcoin has fallen by nearly 8%. The price
has dropped by a stunning 13.31 percent. This, too, can be
explained by the unfavorable economic developments in the United
States, as have the recent price fluctuations. As of this writing,
the latest sell-off has not lost any of its steam. Price
information from the last few days places Bitcoin between
$19,344 and $18,346. Financial market participants should not
place any stock in these figures. Related Reading: Chiliz Bulls
Test $0.2505 Resistance – Can CHZ Reach Green Zone? Source:
TradingView.com Bitcoin Needs To Crawl Back Up Bitcoin’s attempt at
a comeback resulted in the formation of a double triangle, which is
harmonically related to the XABCD pattern. This pattern may point
to a reversal in which buyers can get in at a discount and sellers
can make a profit. However, this was not the situation. Bitcoin may
retest the $20,000 crucial territory before if retreats to the
$18,000 level. BTC is selling at a significant discount to the
78.60 Fib level right now. Being so far away from the important
psychological threshold of $20,000, this price point may hinder any
further rebound. Investor confidence can only continue to rise with
the aforementioned price in place. A turnaround can only occur if
bulls step in to buy the ongoing decline and turn around the
bearish trend. Bitcoin’s price may be able to retest the $20,500
resistance level if the aforementioned hypothetical event
occurs. The 61.80 Fib level is where the aforementioned
resistance is located. However, Bitcoin’s correlation with the
broader financial landscape is not advantageous. Bitcoin’s close
correlation with the S&P 500 and NASDAQ indexes makes it
difficult to restore upward momentum. BTC Needs All Energy It Can
Muster To Normalize Bitcoin’s rebound is in peril as the larger
financial sector experiences a steep decline. In fact, it may not
even hit the $20,500 resistance mentioned. According to the
renowned cryptoanalyst @woonomics, Bitcoin has not yet reached rock
bottom. As he evaluated the past and present performance of
Bitcoin, he discovered that only 52 percent of all coins are
underwater. Bitcoin’s previous bottoms were 61 percent, 67 percent,
and 57 percent. The data he gave indicates that if Bitcoin were to
reach rock bottom once more, it would not be at $18,000. For
Bitcoin to emerge from this predicament, the larger financial
sector must rebound from the current collapse in order to restore
investor and trader confidence. As of this writing, the Stoch RSI
values are converging, which may provide a modest boost to the
price. However, with present market dynamics following a strong
downward trend, recovery is unlikely. Related Reading: AVAX Price
Rebound Fails To Breach $22 Resistance Due To High CPI Data BTC
total market cap at $359 billion on the daily chart | Source:
TradingView.com Featured image Pixabay, Chart: TradingView.com (The
analysis represents the author's personal views and should not be
construed as investment advice).
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