Connect with us

Plato Vertical Search

Blockchain

Bitcoin Price Consolidates Below $43k! Traders Should Buy the Dip or Wait for More?

bitcoin death cross

The post Bitcoin Price Consolidates Below $43k! Traders Should Buy the Dip or Wait for More? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

As fear grips the crypto market, the Bitcoin price has seen a significant increase in selling pressure. With an 18 percent drop in the last two weeks from the resistance trendline, the price action produces a falling wedge pattern on the daily chart as it approaches the $40K threshold. In addition, the death cross raises …

bitcoin death cross

The post Bitcoin Price Consolidates Below $43k! Traders Should Buy the Dip or Wait for More? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

As fear grips the crypto market, the Bitcoin price has seen a significant increase in selling pressure. With an 18 percent drop in the last two weeks from the resistance trendline, the price action produces a falling wedge pattern on the daily chart as it approaches the $40K threshold. In addition, the death cross raises the likelihood of a bearish continuation.

The death cross of the 50 and 100 day EMA on the daily chart is the result of an 18% drop in the last two weeks. As a result, the coin price reflects an increase in underlying bearishness and suggests a possible fallout.

The daily Relative Strength Index (29) reveals that the coin is oversold and that the bearish move is approaching saturation. As a result, a short retracement before a fallout is probable.

Also Read : Crypto Market Continue to Plunge ! Here’s What Next For BTC, ADA, ETH & VET

Should you buy the dip?

A seasoned trader, Peter Brandt, has some tips for those considering buying the dip. Long-term hodlers may have additional alternatives to purchase bitcoin at a reduced price in the future, according to Brandt’s response to a tweet. 

Since 1980, when silver futures hit $50, people have been saying the same things about them, according to a tweet by him.

“It subsequently plummeted to a low of $3.65 and did not recover for another 24 years,” he said. The trader, however, stated that he does not believe bitcoin will continue that path. 

Bitcoin Price Consolidates Below $43k! Traders Should Buy the Dip or Wait for More? Blockchain CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

On Thursday’s Bitcoin Live conversation, Brandt discussed bitcoin’s violation of the parabolic ascent. 

However, he tweeted Friday: “I saw the violation of the parabolic advance and commented on it in real-time to members of Bitcoin Live in real-time, but in hindsight, I might not have taken the event seriously enough. We’ll see.”

Web3 Reimagined. Data Intelligence Amplified. Click here to access.

Source: https://coinpedia.org/bitcoin/traders-should-buy-the-dip-or-wait-for-more/

Advertisement

Latest Blockchain Streams

Blockchain

SkyBridge Capital founder Anthony Scaramucci says that Algorand (ALGO) will challenge leading competitors in the crypto industry just as Google did in the early...

Blockchain

The post Big Gains Ahead For BTC, ETH, CRO and VET Price ! Here are the Next Levels To Watch appeared first on Coinpedia...

Blockchain

The post Cardano Price To Rally Beyound $1.6 , More Than 50% Rally On Horizon appeared first on Coinpedia - Fintech & Cryptocurreny News...

Blockchain

The post AAVE Price Poised For 5x Rally in 2022! What Traders Can Expect in Coming Days ? appeared first on Coinpedia - Fintech...