John Bollinger, the famed technical analyst, believes Bitcoin could be heading down for lower.
Upon the news, the U.S. stock market soared, reading Bitcoin and gold to plummet in a short period.
Following a prolonged rally since September, the daily chart of Bitcoin is now hovering just below the top of the Bollinger Bands.
Bitcoin achieving the top of the Bollinger Bands coincides with testing the $16,000 resistance area for the first time since 2017.
In the past week, Bitcoin has steadily treaded below $16,000, repeatedly testing it.
Analysts unfazed about the long-term trend of Bitcoin.
In the long term, analysts remain unfazed by the price trend of Bitcoin.
"Now watch how those bitcoins that some dumb weak hand sellers sold in big chucks last 4 hours will be sucked up by strong hand buyers with hundreds of smart small 0.01 BTC algorithm buys. Those BTC will disappear in deep cold storage."
The confluence of the consistent accumulation of Bitcoin by institutions and the repeated retest of the most critical technical level at $16,000 could reduce the probability of a major pullback.
As long as Bitcoin remains close to $16,000, its macro and high-time frame technical structure remains positive.
Famed technical analyst: Bitcoin risks short-term top or consolidation after big fall
에 게시 됨 Nov 9, 2020
by Cryptoslate | 에 게시 됨 Coinage
Coinage
이 기사에서 언급
최근 뉴스
모두보기
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.