Bitcoin is in a critical phase – here you can read what analysts are saying
Analysts have assumed that Bitcoin will move immediately up to $ 7 after its recent move. 500 a full decline followed, which would start with increased volatility. Despite these expectations, BTC has got stuck within the 7th 200 $ region and is struggling to achieve momentum.
Analysts are now finding that the cryptocurrency is likely to be at a critical juncture that will determine the direction in which BTC will develop in the coming weeks and months.
Bitcoin caught in the ascending channel
At the time of writing, Bitcoin is trading at the price of $ 7. 217 $, which is an extension of sideways trading he has seen in the last week.
Earlier this week, BTC experienced a rapid and decisive upswing, which set its price down to 7 on major trading platforms like BitMEX. 500 $ increased. However, he had to give up all the winnings again because he was unable to maintain this dynamic.
The candle wick that resulted from this movement signals: The region around the middle $ 7. 000 – Region represents a strong level of resistance for the cryptocurrency, which is why many analysts expect further short-term losses for the cryptocurrency.
The popular cryptocurrency analyst Scott Melker wrote on Twitter and commented that BTC is “channel surfing”.
Analyst: BTC could approach a critical node
Regarding the question of where this channel could lead the Bitcoin price, the popular analyst “HornHairs” notes that Bitcoin's closing point could give a significant glimpse into the future in the coming hours, as it is currently in one “Critical moment”.
“$ BTC: critical node here. Let's close over and I'm looking for longs, underneath and I think we're moving south. At the moment it looks like a rejection … let's see. “
The trading period next weekend could tell whether Bitcoin will be able to gain some momentum and end the year at a high level – or whether the ongoing downtrend will continue into the new year.
Proof of text: newsbtc