Bitcoin Hammered, Things May Look Up

Must Read

Cosmos’s Prudent Reply To Twitter Allegations And Future Decentralization Plans Of The Platform

Mr.Jae Kwon has recently made a come back through his reply to Zaki Manian and Jessy Irwin's twitter...

Gold or Bitcoin, Which will Hit $3000 First? : Peter Schiff

Peter David Schiff is an American libertarian, Financial commentator, economist, and a stockbroker. Schiff earned a nickname of...

John McAfee Again Started Praising Cryptocurrency, This Time for its Privacy Features

John McAfee is known to be the creator of first commercial antivirus software named McAfee John McAfee in...
5d4d33c22c00c-bpfull (1)
Shreya Kapoor
Shreya Kapoor is a writer for Thecoinrepublic. She has been a keen admirer of the crypto sphere. She enjoys writing and covering news related to the latest happenings in the blockchain industry. Shreya is a 20-year old budding journalist, with a tinge of good vocabulary.

Bitcoin (BTC) has been suffering over the past two days. Around 36 hours ago, Bitcoin was trading at $10,200; now, the cryptocurrency is trading at $9,500.

This sell-off has come after the cryptocurrency traded in the low-$10,000s for around two weeks. This has made investors across the board a little fearful.

Some analysts who have predicted that BTC will fall to $6,000 for weeks have increased conviction on the prediction in the wake of the crash. They highlight that Bitcoin is currently in a descending triangle that has a breakdown target of $6,200.

Some analysts prefer to remain optimistic. One major analyst, famous for his on-chain analysis, argues that this may be an optimal time to accumulate BTC rather than selling it.

Willy Woo, a partner at Adaptive Capital, argued in a recent tweet, that Bitcoin is currently not as bearish as some may expect. He pointed out that it has just rebounded off its128-day moving average.

He admitted that over the past few weeks the cryptocurrency has been “overheated”, but he also noted that it is part of BTC’s “historical personality” for it to touch the aforementioned moving average. It seems to do so “many times during a bull market to stay grounded”.

He added that the flirtation with the 128-day “present good buying opportunities”, which accentuates the suggestion that this may be a good time to accumulate Bitcoin before its next leg higher.

Woo has a valid point. Bitcoin price bounced cleanly off its 128-day moving average at least four times in 2017, and not once did Bitcoin close a daily or weekly candle under that technical level.

If we pay attention to Bitcoin’s price history, we can see multiple occasions where it touched that level and headed higher in succession.

If history repeats, Bitcoin is likely to rebound in the coming days. It may then continue to gain momentum and strength in the coming weeks.

According to some analysts, accumulating at current prices isn’t the worst idea. Plan B, an analyst from traditional markets that have put in many efforts into Bitcoin analysis, opined that as per his one-month Relative Strength Index (RSI) reading “Bitcoin is still looking strong”.

The current movement in the RSI chart is indeed strikingly reminiscent of mid-2016 when after 2015’s crash to sub-$200 levels Bitcoin consolidated after its first bull run.

Hot News

Cosmos’s Prudent Reply To Twitter Allegations And Future Decentralization Plans Of The Platform

Mr.Jae Kwon has recently made a come back through his reply to Zaki Manian and Jessy Irwin's twitter accusations in the Github platform. ...

Gold or Bitcoin, Which will Hit $3000 First? : Peter Schiff

Peter David Schiff is an American libertarian, Financial commentator, economist, and a stockbroker. Schiff earned a nickname of Dr. Doom when he more...

John McAfee Again Started Praising Cryptocurrency, This Time for its Privacy Features

John McAfee is known to be the creator of first commercial antivirus software named McAfee John McAfee in his recent tweet praised Cryptocurrencies...

Bitcoin Has a Stale Block for the First Time Since 27 January 2020

Bitcoin is known to be the most famous cryptocurrency with its price currently touching near $10,000. According to BitMex research, it announced Bitcoin...

Shopify and Libra are Joining Hands: What is to Come?

Libra Foundation, is now partnering up with the world’s largest online store maker Shopify. Shopify is joining hands with Facebook’s very own Cryptocurrency....

EOS Introduces DISK A New Network Resource For Dapp Developers

EOS is making a new network resource, Disk that may be able to provide cheaper resources to Dapp developers. DISK will be giving...

Gold or Bitcoin, Which will Hit $3000 First? : Peter Schiff

Peter David Schiff is an American libertarian, Financial commentator, economist, and a stockbroker. Schiff earned a nickname of Dr. Doom when he more...

John McAfee Again Started Praising Cryptocurrency, This Time for its Privacy Features

John McAfee is known to be the creator of first commercial antivirus software named McAfee John McAfee in his recent tweet praised Cryptocurrencies...

Bitcoin Has a Stale Block for the First Time Since 27 January 2020

Bitcoin is known to be the most famous cryptocurrency with its price currently touching near $10,000. According to BitMex research, it announced Bitcoin...

Shopify and Libra are Joining Hands: What is to Come?

Libra Foundation, is now partnering up with the world’s largest online store maker Shopify. Shopify is joining hands with Facebook’s very own Cryptocurrency....

RELATED NEWS

Cosmos’s Prudent Reply To Twitter Allegations And Future Decentralization...

Mr.Jae Kwon has recently made a come back through his reply to Zaki...

Gold or Bitcoin, Which will Hit $3000 First? :...

Peter David Schiff is an American libertarian, Financial commentator, economist, and a stockbroker. ...

John McAfee Again Started Praising Cryptocurrency, This Time for...

John McAfee is known to be the creator of first commercial antivirus software...