Popular Trader: This Level Will Offer Many Buying Opportunities In Bitcoin!
Coinputin – Bitcoin (BTC) is rapidly approaching a long-watched level of resistance, following its rejection from the $ 19,500 level. The selling pressure here proved to be quite significant, allowing the leading cryptocurrency to see a strong drop that sent it down below $ 16,400. The downgrade was triggered by several factors, including fear surrounding a possible wave of regulation over comments by U.S. Treasury Secretary Steven Mnuchin.
Over the medium term, market trends depend almost entirely on Bitcoin. That’s why analysts are watching Bitcoin’s reaction to the next resistance levels. The Bulls are likely to have a “V-shaped” recovery as they erase recent losses. As for what traders expect to happen next, they note that a break above $ 18,400 may be enough to override any signs of weakness affecting its price.
Lomah Crypto: a break of over $ 18,400 pumps power into Bitcoin!
At the time of writing, Bitcoin is trading marginally at its current price. Current prices point to a remarkable climb from the $ 16,200 levels seen in the recent decline. The drop came immediately after the leading cryptocurrency’s visit to the $ 19,000 zone. There was significant sales pressure in this region. So if Bitcoin gains a strong foothold in the $ 18,000 zone, it could see significantly more upside in the near term, according to analysts.
Popular analyst Lomah Crypto noted that Bitcoin would have a hard time breaking the resistance that binds across the region below $ 18,000. In addition, the analyst stresses that a precise break above $ 18,400 will allow the leading cryptocurrency to continue its rise. Adds the description for the analyst position:
HALF OF LONGS CLOSED AT $ 18,080. I DON’T THINK TO INVEST MUCH WITH THE RESISTANCE TO WEEKLY M/MONTHLY CLOSURES. IF WE EXCEED 18.4 THOUSAND DOLLARS, THERE WILL BE A LOT OF BUYING OPPORTUNITIES… IF WE DON’T, THERE WON’T BE A LOT OF OPPORTUNITIES.