22:04Bitcoin 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
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.
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.
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