finanzen.net
26.03.2020 18:30

These Simple Factors Show the Bitcoin Bottom is In, But Bulls Aren’t in the Clear Yet

Werbung
After multiple failed attempts to break above the heavy resistance that Bitcoin has faces around $6,900, the benchmark cryptocurrency has once again fallen into a bout of sideways trading around $6,600.This consolidation phase is also occurring against a backdrop of bullishness within the traditional markets, with BTC being fully exposed to the downside of the stock market but not exposed to all of its upside.Although the decoupling seen today hasn’t favored BTC investors, it is important to keep in mind that analysts are now noting that multiple fundamental and technical factors suggest that the bottom is in for the crypto.This may be bullish from a long-term perspective, but it is important to note that it doesn’t mean that BTC won’t see any significantly further near-term downside.Bitcoin Enters Firm Consolidation Phase After Establishing a Long-Term BottomAt the time of writing, Bitcoin is trading down marginally at its current price of $6,630, which is around where it has been trading at in the time following its recent rejection at $6,900.This sideways trading may be short-lived, however, as analysts are noting that BTC is prone to seeing further near-term downside.Mac, a popular crypto analyst on Twitter, spoke about this in a recent tweet, explaining that although all the signs point to BTC’s lows in the $3,000 region as being a long-term bottom, he still believes it could decline back into the $4,000 region.“Yes I do think BTC bottom is in ($3600). If that liquidation cascade didn’t manage to get us lower than $3600, no dump here will. OI is lower. MF on spot higher than swaps. That does not mean we won’t retest $4350s though,” he explained.Yes I do think $BTC bottom is in ($3600)If that liquidation cascade didn't manage to get us lower than $3600, no dump here will.OI is lower.MF on spot a higher than swaps.That does not mean we won't retest $4350s though.— Mac (@MacnBTC) March 26, 2020Analysts Concur: A Sharp Movement Towards $4,000 May Be ImminentMac isn’t the only analyst currently eyeing a movement back into the $4,000 region.TraderXO – another well-respected cryptocurrency trader and analyst – spoke about Bitcoin’s technical weakness in a recent post, explaining that he is targeting a movement down towards $4,900 in the near-term.“BTC – Will be shorting any rejection off gray. Possible price may very well see one more leg up. Invalidation = close above yearly open. Currently positioned short from 67s – 1/3rd size. R:R rough guide – adjust to suit your own risk params – I often scale in and out,” he noted.$BTC – Will be shorting any rejection off grayPossible price may very well see one more leg upInvalidation = close above yearly open.Currently positioned short from 67s – 1/3rd size R:R rough guide – adjust to suit your own risk params – I often scale in and out pic.twitter.com/vwR08IccQQ— TraderXO (@TraderX0X0) March 26, 2020It is clear that analysts widely anticipate Bitcoin to see some further downwards momentum in the near-term, but it is important to note that the possibility of the $3,000 region being a strong long-term bottom is a bullish sign from a macro perspective.Featured image from Shutterstock.
Weiter zum vollständigen Artikel bei "NewsBTC"
Quelle: NewsBTC
Werbung

Devisenkurse

NameKurs+/-%
Dollarkurs1,0804-0,0007
-0,06
Japanischer Yen117,2000-0,0400
-0,03
Pfundkurs0,8807-0,0009
-0,10
Schweizer Franken1,05570,0001
0,01
Russischer Rubel82,74200,0320
0,04
Bitcoin6277,4302-88,8296
-1,40
Chinesischer Yuan7,6605-0,0059
-0,08

Heute im Fokus

DAX geht tiefer ins Wochenende -- US-Börsen schließen im Minus -- US-Arbeitsmarkt büßt massiv Stellen ein -- adidas braucht frisches Geld -- Tesla, PUMA, TRATON, Shop Apotheke, BNP im Fokus

DIC Asset senkt wegen Corona-Krise Gewinnprognose. Nordex profitiert von hoher Nachfrage in Europa. Bundesregierung in Gesprächen mit Lufthansa über Staatsbeteiligung. RTL zieht Ausblick und Dividendenvorschlag zurück. H&M: Q1-Zahlen besser als erwartet. Ryanair hält Gewinn noch im Prognoserahmen.
Werbung
Werbung
Börse Stuttgart Anlegerclub

Die richtige Strategie für die Börsenkrise

Stecken Sie nicht den Sand in den Kopf, sondern kaufen Sie die richtigen Aktien. Erfahren Sie im aktuellen Anlegermagazin mehr über attraktive Qualitätsaktien und zyklische Aktien
Kostenfrei registrieren und lesen!

Umfrage

Corona-Crash und Chaostage an den Börsen. Wie handeln Sie in unsicheren Zeiten?

Online Brokerage über finanzen.net

finanzen.net Brokerage
Handeln Sie für nur 5 Euro Orderprovision* pro Trade aus der Informationswelt von finanzen.net!

ETF-Sparplan

Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.
Zur klassischen Ansicht wechseln
Kontakt - Impressum - Werben - Pressemehr anzeigen
Top News
Beliebte Suchen
DAX 30
Öl
Euro US-Dollar
Bitcoin
Goldpreis
Meistgesucht
Deutsche Bank AG514000
Scout24 AGA12DM8
Microsoft Corp.870747
TeslaA1CX3T
Apple Inc.865985
Daimler AG710000
Wirecard AG747206
Amazon906866
Lufthansa AG823212
Allianz840400
Alphabet C (ex Google)A14Y6H
MasterCard Inc.A0F602
Shell (Royal Dutch Shell) (A)A0D94M
BASFBASF11
BayerBAY001