Friday, February 21, 2020

Bitcoin rises to $8400: A bounce or a breather?

The Takeaway:

Bitcoin breaks above $8,400 after trading below $8,000. Trend analysts are suggesting the rise might just be a breather before BTC breaks below a major support level. If the price falls below $7,700, it is likely that the next support level would be around $7,200.

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Bitcoin after trading below $8,000 mark yesterday many analysts had predicted that the price was likely to dive down to low $7,000. But the price of the leading cryptocurrency bounced back to around $8,400. At the time of writing, it is trading at $8,422. 

However, analysts are suggesting that it is likely that this rise is just a breather before BTC breaks a major support level. If BTC breaks below $7,700, it is expected to test the next support level at $7,200. If bitcoin manages to break and close above the 200-day MA, which is at $8,400, that might indicate the BTC is on its way of recovery after the recent crash. 

Last week BTC dropped from $9,500 to around $8,000 and then later traded at $7,800. After the fall many trend analysts had asserted that the price would continue to follow a downward trend. The current rise might excite the bulls, but analysts are still suggesting that BTC is likely to remain bearish in the short term. 

Let us know in comments what do you think about the current rise and where do you think the price of leading cryptocurrency is headed? 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

2 Comments

  1. I believe bitcoin is just like the weather you just cannot predict it correctly even you’re a pro or a beginner in the crypto market.

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