Right after dropping to as little as $11,217.45 earlier this morning, the digital currency has been trading between $11,200 as well as $11,500, supplemental CoinDesk figures indicate.
In light of the cryptocurrency’s the latest retracement, a number of analysts offered a bit of perspective on where the selling price of bitcoin will most likely go next.
[Ed note: Investing in cryptocoins or maybe tokens is highly speculative as well as the current market is largely unregulated. Any person interested in it should be well prepared to lose their whole investment.]
“If $10k is actually reduced we could visualize a real downtrend,” he stated.
“But assuming that the price stays around existing levels, bullish sentiment is apt to prevail.”
Kiana Danial, CEO of Invest Diva, also considered in, speaking to potential bearish price action for the cryptocurrency.
“$11,235 is the neckline of the head and shoulder chart pattern Bitcoin is developing at the moment,” she stated.
“A confirmation of a rest below this level can open doors for more drops towards $10,400,” added Danial.
“Otherwise, we could expect the BTC/USD pair to consolidate between $12,400 and $11,235 unless it finds a brand new direction,” she reported.
Jon Pearlstone, publisher of the newsletter CryptoPatterns, also chimed in.
“Bitcoin reversed yesterday’s gains with intense volume and it is today under yesterday’s closing price,” he stated.
“These are often indicators of selling price rejection which usually bring much more significant corrections,” said Pearlstone.
“That stated price is nonetheless well above essential resistance levels,” he added.
“Important ph levels of help to enjoy on the current pullback are $10,500 and $9,500,” said Pearlstone.
“Price could fall a lot further if we see $9,500 break with effective volume, but until many opposition levels break down convincingly, Bitcoin continues to consolidate within the range.”