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

Coinbase 6

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!

 

Now that Bitcoin is below $10,000 what do we do about it?Industry leaders share their opinion (Exclusive!) 5
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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bitcoin
Bitcoin (BTC) $ 48,214.00
ethereum
Ethereum (ETH) $ 3,632.86
cardano
Cardano (ADA) $ 2.46
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 427.84
xrp
XRP (XRP) $ 1.11
solana
Solana (SOL) $ 155.88
polkadot
Polkadot (DOT) $ 35.10
dogecoin
Dogecoin (DOGE) $ 0.242265
usd-coin
USD Coin (USDC) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 48,214.00
ethereumEthereum (ETH)
$ 3,632.86
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 638.73
litecoinLitecoin (LTC)
$ 190.53
bitcoinBitcoin (BTC)
40.777,23
ethereumEthereum (ETH)
3.072,51
tetherTether (USDT)
0,845755
bitcoin-cashBitcoin Cash (BCH)
540,21
litecoinLitecoin (LTC)
161,14
bitcoinBitcoin (BTC)
34,751.45
ethereumEthereum (ETH)
2,618.47
tetherTether (USDT)
0.720775
bitcoin-cashBitcoin Cash (BCH)
460.38
litecoinLitecoin (LTC)
137.33

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin48,101 0.13 % 0.24 % 4.37 %
Ethereum3,620.9 0.19 % 2.99 % 3.55 %
Cardano2.450 0.42 % 3.57 % 1.04 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin426.94 0.01 % 1.79 % 3.12 %
XRP1.100 0.32 % 0.52 % 0.15 %
Solana155.91 0.42 % 4.13 % 17.66 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2421 0.05 % 1.30 % 5.64 %
USD Coin1.000 0.19 % 0.13 % 0.07 %

bitcoin
Bitcoin (BTC) $ 48,214.00
ethereum
Ethereum (ETH) $ 3,632.86
cardano
Cardano (ADA) $ 2.46
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 427.84
xrp
XRP (XRP) $ 1.11
solana
Solana (SOL) $ 155.88
polkadot
Polkadot (DOT) $ 35.10
dogecoin
Dogecoin (DOGE) $ 0.242265
usd-coin
USD Coin (USDC) $ 1.00