Bitcoin Needs to Reclaim This MAJOR Level To Avoid Further Bloodshed
Bitcoin lost almost $2,000 in value in less than one day. The loss was expected by some; however, it was still surprising.
Now, Bitcoin risks diving even lower based on its trend.
ABSOLUTELY MUST READ
Total MarketCap
200 Daily MA Broken for TOTAL, MARKET must reclaim by tomorrow or else 6900-7200 is likely scenario for #BTCUSD in coming days
We are removing SL for our 7400-7600 Entry & adding 6900-7200 Entry for #bitcoin
MUST READ THE CHART COMMENTS pic.twitter.com/mVbVrEr4Pe
— Trading Room (@tradingroomapp) September 25, 2019
The market must be prepared for price reclamation or risk prices of less than $7,000 in the coming days.
Currently valued at $8,400, Bitcoin is struggling to reclaim some of the value it suddenly lost. Bitcoin has maintained a value of over $8,400 for the better part of the day.
This is a reliable indicator that the market may, at the least, sustain its value above $8,400 in the coming days. However, the ideal scenario would be a price reclamation of at least $300 to improve the moving average.
Bottom To Arrive Soon?
The market is also preparing itself for a predicted bottom.
Buying #Bitcoin – CASH Portfolio
6200-6600 Buy Zone
9255-9555 Target
5999 Stop LossNot bothered much about Shitcoins at the moment considering we can deploy large capital & $BTC can deliver 50% returns in a relatively short time pic.twitter.com/XQQST6f8RH
— Trading Room (@tradingroomapp) September 25, 2019
A continued downward trend in the price of Bitcoin would inform specific actions by the market as it hits set price points. As in the chart above, various price points have been set by the trader. They are matched with the expected market move at those price points.
The set price points show an optimistic market that is awaiting a bull run in future.
However, for the bull run to be realized, a bottom must be achieved.
We likely have bottom. Major dumps tend to only hit target of the last bearish setup. In this case, a descending right triangle.
Also, we have a falling wedge bullish reversal setup.
Bullish move still requires confirmation.#bitcoin pic.twitter.com/ygOsYSzeKW
— Bitcoin-Fund-Manager.com join us. Welcome (@OTC_Bitcoin) September 25, 2019
Despite the optimism, the market remains realistic, analyzing every possible move that may result from a downward or an upward price adjustment of the cryptocurrency.
The bloodshed may not be over for traders. If Bitcoin is to bottom, there is a possibility that its support may be below $7,000. However, it may rise stronger from that point and probably regain most of its lost thousands.
The coming days will be crucial for the future of Bitcoin.
Featured Image Source: Pixabay (geralt)
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at news@blockspectator.com