RATE Group | Bitcoin Slipping Below $10K is Not the End of Bull Market: Analyst |
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Bitcoin Slipping Below $10K is Not the End of Bull Market: Analyst |

23 Jul Bitcoin Slipping Below $10K is Not the End of Bull Market: Analyst |

Posted at 16:47h in Bitcoin News by

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The bitcoin price on Tuesday slipped below the psychological support level of $10,000. But according to market analyst Jacob Canfield, the asset is still inside a strong bullish bias.

The TradingView author said bitcoin’s reversal from the $11,000 level on Saturday was a sign of a bull trap. Technically, a Bull Trap is a false signal that prompts traders to act on a wrong buy signal and generates losses on the resulting long positions. Canfield, who has earlier recognized the pattern, exited his Long near the $11,000 level. Further, the pullback action prompted the analyst to target $9,800-$10,200 as potential downside targets, as shown in the chart below:

bitcoin, bitcoin price

Bitcoin is Looking for a Bounce Back | Source: Jacob Canfield Twitter Profile

Canfield noticed a higher demand in those downside levels, indicated via a green bar. The analyst expects the bitcoin price to undergo a sharp reversal upon testing them as support. As a result, the asset would revisit the bull trap area below $11,000…

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