THELOGICALINDIAN - Bitcoin has been aflame signs of apparent weakness throughout the accomplished few hours bottomward as low as 10400 afore adverse an arrival of affairs burden that accustomed its amount to billow aback up to highs of 10800
The cryptocurrency now appears to be bent aural a concise alliance appearance as bears and beasts action for ascendancy over its near-term trend.
This may account it to see some range-bound trading in the near-term, but analysts are acquainted that its angle still charcoal absolute as continued as it continues arresting one acute abutment level.
That actuality said, how BTC closes its circadian candle should action cogent insights into its near-term outlook, as a abortion for it to abutting aloft $11,000 could be awful damaging for its bazaar structure.
One analyst believes that this blazon of abutting will advance it to attempt bottomward appear the lower-$10,000 region, which is area it may barter for an continued aeon of time.
Bitcoin Struggles to Find Strong Support as Selling Pressure Ramps Up
After accident its position aural the $11,000 region, Bitcoin has been cogent signs of immense weakness as its amount trades aural the mid-$10,000 region.
At the time of writing, Bitcoin is trading bottomward over 7% at its accepted amount of $10,600, which marks a massive abatement from its account highs of $12,200 that were set aloof a few canicule ago.
Analysts are alms alloyed outlooks on the criterion cryptocurrency, but there is a accepted accord that its abutting massive abutment sits about $9,600.
That actuality said, one banker noted that the abutment at $10,500 should be abundant to accommodate some near-term relief.
“BTC update: There we go, now it can bounce. Wouldn’t get too bullish on that bounce, but ~$10900 seems sane,” he explained.
BTC Approaches Critical Daily Close as Analysts Watch for Reaction to $11,000
As Bitcoin’s circadian abutting approaches, how it responds to $11,000 will be acute for free its near-term outlook.
One analyst batten about the accent of this akin in a contempo tweet:
“BTC HTF Update: Huge attrition arena about $11,400 seems to be abnegation on HTF charts, candidly the abutting analytic abutment if we abutting accepted circadian beneath $11,000 is acceptable $10,400. Happy to accept abutting some positions at the bounded top, currently sitting in the sidelines atm.”
If Bitcoin is alone at $11,000, it is reasonable to apprehend it to see decidedly added near-term downside.
