Is Bitcoin's uptrend still intact after the reset?
After days of extremely low volatility, during which Bitcoin rose higher without a large downward movement, BTC suddenly fell 4% in the past few hours and plummeted in a rapid sell-off of 10. 100 $ to 9. 700 $ from. This move filled a gap in the CME this weekend, which is actually more of a bullish than a bearish sign.
But as soon as the price fell, it recovered. At the time of writing, Bitcoin is trading at 9. 930 $. In fact, data from Skew.com showed that long positions were worth around 50 million dollars were liquidated in this rapid decline, although only a few short positions were released on the way up.
Despite 4% Flash crash Bitcoin remains bullish
Prominent trader Parabolic Thies noted that the recent drop in bitcoin was expected and referred to the idea that assets would correct again after strong upward moves.
He added that there is no cause for alarm as the trend low of $ 8. 800 remains intact on a daily and weekly basis, suggesting that this reset was just a small setback in a major uptrend for Bitcoin.
In a later tweet, Thies added that there was still “strong support” at $ 9 on the three-day and weekly charts. 400 up to $ 9. 600 give what is a good omen for the upward argument.
$ BTC dropping from $ 10. 2k – $ 9.8k as of now. This is expected. No need to start worrying unless support at $ 8.8k is breached.
– Parabolic Thies 📈 (@KingThies) February 10, 2020
In fact, the well-known crypto trader Filb Filb wrote in his newsletter that Bitcoin 9. 500 $ has exceeded, an increase to 11. 500 $ is possible , A number of analysts have joined this cheerful mood in the last few days and statements like “ dips are there to buy ”.
Bitazu Capital's Mohit Sorout, for example, wrote on February 6 that “there are dips to buy” and referred to a graphic that shows that the 100 – Days average of Bitcoin just from 50 – days have been crossed, suggesting that the BTC trend is starting to favor bulls strongly. Of course, this statement was made before today's flash crash, but the bullish mood remains intact.
G O L D E N C R O S S
Dips are for buying. $ BTC pic.twitter.com/5I776 BwWbJ
– Mohit Sorout 📈 (@singhsoro) February 6, 2020
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