„Exciting week ahead“: What Bitcoin analysts expect from BTC in the short term
Bitcoin and the aggregated crypto-currency market is currently on the rise, with the bulls looking to wipe out all the losses incurred by the recent sell-off.
The selling pressure around Bitcoin Pro alltime high in the middle $19,000 region was not surprising – but it may not remain strong at the next test of this level.
Traders believe that today’s rally may not last much longer, with selling pressure in the region below $18,000 possibly a major obstacle for the crypto currency.
One trader explicitly points out that all major levels point to the $18,400 region as a key level to overcome.
In the last few days and weeks Bitcoin’s price action has done little to give traders a glimpse of where the entire market is headed next.
After rising to its all-time highs of $19,500, the crypto currency faced a decisive rejection that saw it drop to $16,400.
This sell-off brought the crypto currency into oversold territory as its price experienced massive momentum as a result, taking it to over $18,000.
Where Bitcoin moves next will largely depend on the $18,400 region as this is considered a key level as mentioned.
Bitcoin gains momentum, selling pressure eases
Bitcoin is currently trading at $18,100, a remarkable increase from the recent lows of $16,400 set at the end of the recent market-wide sell-off.
Bitcoin’s performance in the coming days and weeks is likely to depend largely on whether or not the asset can gain a firm foothold in the lower $18,000 range. If this is successful, BTC could be on the threshold of a strong rally.
Analyst: All major levels indicate that BTC will tap $18.4K
One trader tweets that Bitcoin could be about to experience a rise towards $18,400 before losing momentum and experiencing a rejection.
He points out that a break above this level could help trigger an upward trend towards new all-time highs.
„BTC: All major levels are in the red zone. If we are about to go lower, we will continue from there. Let’s break out upwards and the ATH is the next Imo. Exciting [week] lies ahead!“
Image courtesy of George.
The level mentioned is likely to be tested in the coming days and Bitcoin’s response to this may give investors serious insight into the short-term outlook.