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

 

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


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


• “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!

 

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
Bitcoin23,407 0.02 % 0.11 % 1.40 %
Ethereum1,679.6 0.04 % 0.82 % 5.07 %
Tether0.9998 0.03 % 0.05 % 0.14 %
BNB283.64 0.09 % 0.32 % 2.79 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
XRP0.4687 0.46 % 4.02 % 4.38 %
Binance USD1.000 0.15 % 0.14 % 0.18 %
Cardano0.4037 0.14 % 0.06 % 3.55 %
Dogecoin0.09738 0.43 % 5.00 % 11.44 %
Polygon1.260 0.13 % 2.04 % 8.97 %

bitcoin
Bitcoin (BTC) $ 23,424.28
ethereum
Ethereum (ETH) $ 1,680.84
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 330.57
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.415335
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.403781
dogecoin
Dogecoin (DOGE) $ 0.097519
matic-network
Polygon (MATIC) $ 1.26