Now that Bitcoin is below $10,000 what do we do about it?Industry leaders share their opinion (Exclusive!)
Bitcoin below $10,000:Technical Analysis.
As part of our on-going series on why Bitcoin is below $10,000, e-cryptonews reached out to Ricky Li who is the Co-founder and the Head of North America for Altonomy, which is a premier cryptocurrency trading, management and advisory organization. Here is what he had to say:
• “The directional push of BTC pricing downwards is validated by legitimate selling volume and volatile action on orderbooks across exchanges like Binance and Coinbase.”
• “This move triggered sell-stop losses placed underneath the 9000 support level from retail investors who went long BTC during the culmination of its descending triangle.”
• We’ve identified the new area of support (where price of asset tends to stop falling) to be the $7500-$8000 range. This theory is based on:
1. Relative Strength Index divergence; the low of 9/24 was less oversold than the lower low of 9/30
3. Fibonacci retracement level: BTC’s move from April 2019 to end of June 2019 (approximately a nine thousand point move from 4000 to 13000) and the recent down move results in a 0.618 retracement level. This falls right around $7800
• “We expect continued range-bound activity between $7500 and $9000, as sellers will place sell orders at the retest of $9000 resistance. Only once BTC breaks the $9000 resistance will it continue the uptrend.”
Points to Note
- Sales of Bitcoin are driven by exchanges thus suppressing prices,
- It is possible that Bitcoin prices will fall to $7500,
- A rebound is highly likely,
What do you think? Why is Bitcoin below $10,000? Please let us know in the comments below!