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- On 25. maj 2019
- By Read More
Bitcoin Remains On the Defensive With Price Below $8K
Bitcoin is teasing a downside break of its recent trading range, having again faced rejection above $8,000 earlier today.
Essentially, BTC’s narrowing price range has created a contracting triangle over the last 24 hours, neutralizing the immediate bullish view put forward by Sunday’s rally.
The case for notable price pullback, suggested by repeated bull failures at $8,300 would strengthen if the indecision represented by the contracting triangle ends with a downside break.
While the short-term prospects are looking a little bleak, the long-term outlook remains constructive, with cryptocurrency reporting nearly 50 percent gains on the opening price of $5,267 seen May 1.
Add to that, the three rejections at $8,300 seen in the last eight days, as well as the multiple failures to hold onto gains above $8,000, and the cryptocurrency appears overdue for a correction.
- On 1. august 2021
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