The extreme volatility seen within the cryptocurrency markets requires that traders stay informed at all times about the latest technical developments, which is why PrimeXBT offers daily updates.
Fundamental Analysis / News:
In today's newsletter, Bloomberg predicted that the highly-anticipated miner reward cut — called the “halving” — could actually lead to the advent of a "big bear market" that will make even the most ferocious bulls take back their words.
Cantering Clark, a well-known cryptocurrency analyst, explained that $6.5K is a vital level for the cryptocurrency, as this is where a significant amount of buy and sell orders currently exist. He also adds that a break below this level could result in a “liquidity event.”
Technical Analysis:
Recently, bears had been pushing the price to 6477 in an attempt to knock out stop losses. After this occurred, bulls were able to push the crypto’s price up to 7200+.
The current price action is very similar to Wyckoff's "Spring" signal, although it will require more time for a potentially bullish formation such as this to be confirmed.
We want to hear your thoughts on BTCUSD. Please leave a comment below!
Keep an eye out for more PrimeXBT trading signals for BTCUSD and other assets.
We hope you have great success with all your next trades.
Fundamental Analysis / News:
In today's newsletter, Bloomberg predicted that the highly-anticipated miner reward cut — called the “halving” — could actually lead to the advent of a "big bear market" that will make even the most ferocious bulls take back their words.
Cantering Clark, a well-known cryptocurrency analyst, explained that $6.5K is a vital level for the cryptocurrency, as this is where a significant amount of buy and sell orders currently exist. He also adds that a break below this level could result in a “liquidity event.”
Technical Analysis:
Recently, bears had been pushing the price to 6477 in an attempt to knock out stop losses. After this occurred, bulls were able to push the crypto’s price up to 7200+.
The current price action is very similar to Wyckoff's "Spring" signal, although it will require more time for a potentially bullish formation such as this to be confirmed.
- Local resistance zone: $7260 - 7105
- Global support zone: $6783 - 6543
- Global resistance zone: $7767 - 7869
- Market Cap: $131 434 472 864 USD
- Volume (24h): $18 573 898 769 USD
- Circulating Supply: 18 097 937 BTC
We want to hear your thoughts on BTCUSD. Please leave a comment below!
Keep an eye out for more PrimeXBT trading signals for BTCUSD and other assets.
We hope you have great success with all your next trades.
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