Did Bitcoin [BTC] Price Front-run $10,000 for a Bearish Correction? Analysts Explain
Moreover, the other weekly and daily technical indicators are all pointing north. Jacob Canfield, one of the leading traders in the community tweeted,
At 3: 00 Hours UTC on 6th February Bitcoin is trading at $9567. The price is testing around resistance from the highs around the recent closings on Xi-Pump at $9550.
Long on Alts?
Along with Bitcoin, altcoins have also had a positive run in the last few days. While Bitcoin adds 46%, the total market capitalization of altcoins (exclusing Bitcoin) has gained 70% from the lows this year. Hence, a big pull back or correction is due. However, the current sentiments are highly favoring the bulls.
Bitcoin [BTC] could still top out around the $11,000-$12,800 closing at highs from last year’s pump in June. For bulls looking for entry on longs on alts, TraderXO tweeted that patience is key before adding to further longs.
Not quite sure when bitcoin tops out… but once it sells off I’d imagine quite a few alts will pullback healthily and give some solid entries…
What do you think will come first $10,000 or a correction to $9000? Please share your views with us.
Published at Thu, 06 Feb 2020 04:31:48 +0000
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