Over the past few weeks, Bitcoin has performed surprisingly well and has risen to $ 7,100 a few days ago (at Bitstamp) and has reached $ 3,800 during delivery on March 12-13. showed a higher increase than. Although the bullish trend has been exhausted, BTC continues to be traded at $ 6,600 and $ 6,000. will move towards the middle of.
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Despite this price move, the cryptocurrency remains below a number of key resistance levels, as noted by Bitcoin trader Filb Filb, who called BTC's price action in the fourth quarter and January.
Bitcoin Must Be Over $ 8,000
In a recent TradingView analysis, cryptocurrency analyst Filb Filb drew attention to the importance of $ 8,000, a price point indicating that it has “the worst cluster of resistance seen since the 2018 market”. Indeed, he noted that the following technical levels are currently at $ 8,000 (may change over the next few weeks):
- 200-day moving average.
- 100-day moving average.
- 50-day moving average.
- 20-month moving average.
- Bitcoin, the highest level in February, fell 61.8% Fibonacci Retracement to $ 3,800.
- And the annual pivot level.
Can it clear this level?
The question remains – does Bitcoin have the potential to clear $ 8,000?
Unfortunately, analysts are divided about this question.
According to reports before NewsBTC, Bitcoin is in the middle of following the crash and run return scheme found in Thomas Bulkowski. Graphic Pattern Encyclopedia.
As it stands, BTC is in the fourth phase of the BARR floor. should The increase in the next week, which reaches about $ 9,000 in a week or two, i.e. all surrender can be reversed soon.
The thing is, there is still a general risk that traditional markets that could suppress Bitcoin continue to decline. As explained By Placeholder Capital's partner Chris Burnisike:
"Bitcoin and crypto are not protected if we take another" sell everything "moment in global markets, as we did in the week of 3/9."
This theory was repeated by trader Cantering Clark, who stated that some of the world's "biggest and most fundamentally important industries" were negatively affected. With the coronavirus outbreak, it eliminates the possibility of crypto.
While the stock market had a very strong green for Tuesday and Wednesday for two days (Tuesday's multi-year record for Dow Jones' daily earnings), COVID-19 continued to grow worldwide, while countries explained excess unemployment and apparently the economy's aid It may take some time to stand up without taking.
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