RATE Group | BTC Seems to Exhibit an Illusionary Dip

10 Feb BTC Seems to Exhibit an Illusionary Dip

Posted at 14:18h in Bitcoin News by admin

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Bitcoin price slides below $10,000 after a day-long of acceptable bullish bias as it trades around $9,800.

Why acceptable?

Saw price at 10k, took a nap.
One hour later, 10k again. Yawn.
Looks at the chart. Holy shit that’s some scam wicks

— Squeeze (@cryptoSqueeze) February 10, 2020

Having said this, we are definitely aware about the volatile nature of the BTC and crypto market that was seen crashing in the early hours of the day, today, as it consolidates downsides. The coin is currently trading below 61.80% Fib Retracement level due to a steep intraday fall.

There would have been many such instances in the past when the Bitcoin price would have immediately crashed after ranging to a certain height. However, this time it is anticipated to be a trustworthy hike and rally due to the bullish moves for 5 days straight without a hint of volatility as confirmed by 20-day Bollinger Bands.