22:04
Bitcoin has Yet to Enter Its “Key Buy Zone” — According to This Indicator

Bitcoin has been struggling to find any strong momentum throughout the past few days, with bears rapidly gaining control over its price action
This trend has not yet been enough to invalidate the cryptocurrency’s technical strength, but it does seem as though it may strike a blow to its macro uptrend
Until BTC can enter a price discovery mode and break above its all-time highs, there’s a strong possibility that it will soon see some serious near-term downside
One trader is pointing to a historically accurate indicator that seems to suggest further downside could be imminent
He notes that a move towards the price region between $16,500 and $17,500 marks an ideal buy-zone
Bitcoin has been creating shockwaves for the entire crypto market throughout the past few days and weeks, with its inability to set fresh all-time highs causing it to see multiple selloffs and multiple consolidation bouts.

If this trend persists in the mid-term, it could mean that the cryptocurrency is bound to see a stronger decline that ultimately spurs enough buying pressure to spark a new wave of buying activities that send it racing past its highs.

One indicator is suggesting that this price region exists between $16,500 and $17,500. A break below this region could lead to significantly lower prices, including $12,500.

Bitcoin Shows Signs of Weakness as Momentum Fades

At the time of writing, Bitcoin is trading down marginally at its current price of $18,300.

Before yesterday’s decline, the cryptocurrency was attempting to gain a strong foothold above $19,000. This has marked a pivotal level for BTC in the past.

However, the break below this level led it to see some serious losses, with its decline reaching as far as $17,600.

This Indicator Suggests BTC has Yet to Visit Its Key Buy-Zone

One trader explained in a recent tweet that he is closely watching to see how Bitcoin reacts to the price region between $16,500 and $17,500.

He believes that this is a crucial region to watch, as one indicator suggests that this will be where its descent slows in the mid-term.

“EMASAR buy zone is $16,500 – $17,500 with the stop at $15,900. If that doesn’t hold I’ll be looking to reenter at $12,500 – $14,000 due to critical weekly levels. That being said I still have 50% of my spot long that I’ll hold as long as structural / trend support holds.”

Image Courtesy of Tyler D. Coates. Source: BTCUSD on TradingView.

Where the entire market trends in the mid-term will depend on Bitcoin, making it crucial that the benchmark crypto gains some near-term momentum and begins rising higher.

Sourse: newsbtc.com

BACK TO NEWS LIST

Start mining bitcoin now

Start trading bitcoin now

Category: Analytics | Views: 89 | Added by: danyagames2007 | Tags: #btcusd #BTCUSTD #xbtusd | Rating: 0.0/0
Total comments: 0
Name *:
Email *:
Code *:
[19.01.2021][News]
Ethereum price inches closer to a new all-time high as Bitcoin consolidates (0)
[19.01.2021][Analytics]
Bitcoin Becomes Most-Crowded Trade After Passing ‘Long Tech’: Bank of America Survey (0)
[19.01.2021][News]
Looking for something on which to spend all that bonus Bitcoin? How about The Hoff's very own KITT? (0)
[19.01.2021][News]
Ruffer Investment explains decision to purchase Bitcoin (0)
[19.01.2021][News]
Grayscale holds the key to Bitcoin hitting $40K, says JPMorgan (0)
[19.01.2021][Analytics]
ETHEREUM HITS THREE-YEAR HIGH AS BITCOIN VOLATILITY DIMS; RECORD HIGHS AHEAD? (0)
[19.01.2021][News]
Four of the top 70 crypto assets by market cap are Bitcoin (0)
[19.01.2021][News]
IS IT TIME TO BE BEARISH ON BITCOIN RIGHT NOW? (0)
[19.01.2021][News]
'Pay attention' — Grayscale adds 18x the Bitcoin mined supply in one day (0)
[19.01.2021]
Bible quotation found in Bitcoin block number 666,666 (0)

BACK TO NEWS LIST