RATE Group | Bitcoin Price Below $9.5K Could Spark 80% Parabolic Advance Correction
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Bitcoin Price Below $9.5K Could Spark 80% Parabolic Advance Correction

17 Jul Bitcoin Price Below $9.5K Could Spark 80% Parabolic Advance Correction

Posted at 08:12h in Cryptocurrency News by

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Bitcoin Price Clings to $9,500 Support

Bitcoin (BTC) continued to trade down on July 17 after a further 10% fall sent the price of the largest cryptocurrency back below $10,000. 

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data from Coin360 showed a problematic 24 hours for traders Wednesday, BTC/USD circling $9,600 after bouncing off lows at just $9,266.

The downward trend followed increased United States government attention on cryptocurrency and related phenomena, with comments by Treasury Secretary Steven Mnuchin and the ongoing hearings on Facebook’s Libra closely watched by markets.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Courtesy of Coin360

‘Looks Like the Trend Has Changed’

As Bitcoin’s previous parabolic trend appeared firmly over, now, analysts were preparing to brace for a further major correction which could erase even more of its advances.

For Peter Brandt, the veteran trader who predicted several of BTC/USD’s previous phases, that correction could amount to 80% of the combined…

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