Now that Bitcoin is below $10,000 what do we do about it?Industry leaders share their opinion (Exclusive!)

 

Now that Bitcoin is below $10,000 what do we do about it?Industry leaders share their opinion (Exclusive!) 1

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

Now that Bitcoin is below $10,000 what do we do about it?Industry leaders share their opinion (Exclusive!) 2
2. Bollinger Bands; the lower bound offers a potential source of buying

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

Now that Bitcoin is below $10,000 what do we do about it?Industry leaders share their opinion (Exclusive!) 3
• “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.”

Now that Bitcoin is below $10,000 what do we do about it?Industry leaders share their opinion (Exclusive!) 4

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!

 

About the author

Christopher is the Blockchain/DeFi Editor for E-Crypto News he also writes frequently about Crypto Gaming and Gambling. He is the author of the book "Profitable Cryptocurrency Gambling and Gaming: A Complete Guide." A content developer, Crypto-Enthusiast, and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,631 0.13 % 1.55 % 2.86 %
Ethereum1,974.5 0.09 % 0.32 % 5.76 %
Tether1.001 0.07 % 0.05 % 0.01 %
BNB331.04 0.85 % 2.76 % 8.00 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
XRP0.4078 0.08 % 0.08 % 7.13 %
Binance USD1.001 0.04 % 0.13 % 0.04 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana49.18 0.32 % 0.36 % 14.35 %
Polkadot10.04 0.64 % 1.04 % 9.16 %

bitcoin
Bitcoin (BTC) $ 29,609.00
ethereum
Ethereum (ETH) $ 1,976.81
tether
Tether (USDT) $ 0.999887
bnb
BNB (BNB) $ 329.68
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.409202
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.519609
solana
Solana (SOL) $ 49.28
polkadot
Polkadot (DOT) $ 10.12