Bitcoin price yet after hitting $25,000, dropped and faced a huge rejection resulting in a pullback of more than 2%-3% at the moment. The seeking pressure has mounted for the second consecutive day due to which the price may continue to drop for some more time ahead. However, after a brief pullback, the token is believed to ignite a firm upswing soon, and hence here’s where you can long on Bitcoin.
The BTC price is appearing extremely strong nowadays as the bulls are constantly outpouring the bears. The token has now begun to trade within an ascending triangle which appears to be in a significant swing low position. Further, below this position, there is a huge gap which is very positive for a long trade.
One of the well-known analysts, Tolberti believes that the price may drop still harder to reach the lower support that could be just below $24,000 and rebound finely to reach levels beyond $26,000. Hence says that the Bitcoin price may soon encounter a good entry to place a long trade as the price is primed for a more than 10% upswing very soon.
Furthermore, the analyst also believes that the BTC price needs to reach the range between $28,000 to $30,000 in the immediate short term to prevent the possibility of rejection. The above chart displays the BTC price to be trading within an ascending triangle and hence the price may also vary accordingly.
Also, from the Eliiot wave perspective, the price has been moving a 5-wave impulse to the upside and 3-wave corrections, downwards. Therefore, the next impulse wave may head toward the north provided the price marks the end of the bearish wave to ignite a rebound.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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