Bitcoin

The post <a href="https://coinpedia.org/news/bitcoin-bull-trap-btc-price-still-at-risk-of-dropping-20-in-coming-days/" rel="noopener noreferrer nofollow">Bitcoin Bull Trap: BTC Price Still At Risk of Dropping 20% in Coming Days</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
<a href="https://www.youtube.com/watch?v=KbL65b5Abd4" rel="noopener noreferrer nofollow">On Crypto Banter’s channel, </a>analyst Kyledoops recently talked about Bitcoin’s crucial position below $60,000 and the importance of the $58,000 to $60,000 range. He warned viewers about a possible trap in the market and shared tips to avoid it. He noticed a bit of relief in the market, with many top coins bouncing back on hourly and daily charts. Altcoins were doing better than Bitcoin, with some even making big gains.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Where are we within the cycle? We’ve spoken a lot about the diminishing volume which tends to happen in a corrective phase. Now, I give a slight edge to the Bulls just to give you full disclosure over there. I am very, very, very cautiously on a fine line on thin ice bullish, right? But that ice is cracking and we’re about to fall through,” he said.
</blockquote>
However, the bullish edge was hanging by a thread, with the potential for a major bear trap if Bitcoin closes above $60,000. The Analyst highlighted the significance of the 21 exponential moving average on the weekly timeframe and cautioned against losing it as it could signal a deviation back into the old trading range. Despite hitting those levels, there was historical precedence for a rebound, especially between the 100 and 150-day moving averages within the bull market.
While there might be short-term spikes, the overall trend remains bullish, though correction phases can last up to 8 to 12 weeks with drawdowns of 20 to 40%. Bitcoin has seen a 23% drop, with a potential further decline to around $44,000. However, any such move is expected to be brief, with a swift rebound anticipated.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 The analyst added, “If the weekly candle starts to close above $60,000, well, you can see very quickly how a major bear trap would have unfolded over there. So currently we’re putting in a little bit of a wick.”
</blockquote>

Bitcoin Bull Trap: BTC Price Still At Risk of Dropping 20% in Coming Days

CoinPedia News

Weitere Artikel, die am 3. Mai 2024 veröffentlicht wurden

How Does M2 Money Supply Impact Bitcoin Prices?

Analysts Reveal Crypto Coin with Potential to Beat Dogwifhat (WIF) in 2024; It’s Not a Solana Mem...

BLP, OP and APT Named As ‘Most Promising’ New Altcoins for 2024 by Crypto Expert

EigenLayer Airdrop: What Is The Controversy About EIGEN Token?

This Price Level Could Lead to a Price Rebound or More Dips for SSV

Binance Collaborates With Indian Police In E-Nuggets Crypto Scam

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!