Bitcoin “Annihilated” Its Key Support During Recent Decline; Here’s Where It Stands

  • Bitcoin has been facing some intense resistance throughout the past few days and weeks, which has been suppressing its growth and sparking multiple strong rejections
  • The selling pressure found within the mid-to-upper $19,000 region has been quite intense, and may continue stunting its growth in the mid-term
  • One trader believes that any continued near-term weakness will likely cause it to see significantly further downside in the mid-term
  • This is because it is now trading just above a crucial technical support level that has held strong throughout its entire uptrend
  • A break below this could result in it seeing notable losses in the near-term
  • That said, the overnight response to this level does seem to be working in bulls’ favor

Bitcoin has been facing immense turbulence ever since its price reached the mid-$19,000 region. Although many investors expected it to rally after tapping these highs, the selling pressure here proved too intense.

This has resulted in BTC seeing multiple consolidation phases as well as multiple strong selloffs. So long as this trend persists in the mid-term, BTC will likely drift lower before reaching a level with enough support to spark a long-lasting uptrend.

How To Get Free Crypto  

One trader explained that this latest move lower “annihilated” Bitcoin’s support, leaving the bottom of its cloud as the last crucial support.

Bitcoin Plunges as Upwards Momentum Falters 

At the time of writing, Bitcoin is trading up just under 1% at its current price of $18,450. This marks a notable decline from weekly highs of $19,400.

It also marks a slight rebound from its overnight lows of $17,640 that were tapped during the selloff.

The rebound from this level was both intense and bullish, but it still has a way to go before it can see any serious momentum in the mid-term.

Trader Claims This Support Marks the Last Straw for BTC 

One trader explained in a recent tweet that Bitcoin is now in a precarious position, as its last crucial support level in the short-term marks the bottom of its cloud, which sits at roughly $17,400.

Coinbase Banner  

“Support was clearly annihilated. Price soon to test the support of cloud again, will be longing the rest with invalidation below,” he said while pointing to the below chart.

Image Courtesy of Teddy. Source: BTCUSD on TradingView.

The fact that Bitcoin posted a strong reaction to $17,700 is a positive sign, but any faltering momentum around its current price could lead it lower – potentially forcing it to touch the bottom of its cloud.

Featured image from Unsplash.
Charts from TradingView.

Go to Source
Author: Cole Petersen

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.