RATE Group | Is This The Start Of Another Decline In Bitcoin Or Buy Opportunity?
79034
post-template-default,single,single-post,postid-79034,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Is This The Start Of Another Decline In Bitcoin Or Buy Opportunity?

11 Feb Is This The Start Of Another Decline In Bitcoin Or Buy Opportunity?

Posted at 05:35h in Bitcoin News by

[ad_1]

Bitcoin price formed a short term top near $10,200 and declined recently against the US Dollar. BTC might continue to decline, but the bulls are likely to remain active above $9,500.

  • Bitcoin is slowly correcting lower below $10,000 and $9,850 against the US Dollar.
  • The price even broke the $9,800 area and it might extend its downside correction.
  • There is a key declining channel forming with resistance near $9,785 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There are chances of a bearish spike towards $9,500 before the bulls take a stand.

Bitcoin Could Extend its Correction

Recently, we saw a break above $10,000 in bitcoin against the US Dollar. However, BTC price failed to clear the $10,200 resistance and a new 2020 high was formed near $10,201.

The price started a downside correction below the $10,000 level and the 100 hourly simple moving average. Moreover, the bears were able to lead the price below the 50% Fib retracement level of the upward move from the $9,659…

[ad_2]

Source link

Tags:
, , , ,