Popular Crypto Trader Outlines How Bitcoin (BTC) Can Overcome Weeks of Bearish Price Action

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A pop­u­lar cryp­to ana­lyst and trad­er is unveil­ing what the lead­ing dig­i­tal asset Bit­coin (BTC) needs to do to regain a key sup­port level.

The pseu­do­ny­mous ana­lyst Rekt Cap­i­tal tells his 328,000 Twit­ter fol­low­ers that the top cryp­to asset by mar­ket cap lost its 200-week mov­ing aver­age weeks ago but has yet to flip it into resistance.

The trad­er says that if the king cryp­to could hold the area around $19,500, it could once again revis­it its 200-week mov­ing average.

“BTC is strug­gling near the ~$19,170 sup­port. But what’s inter­est­ing is that BTC is at a sub­tle high­er low com­pared to late June lows. BTC lost the 200-week mov­ing aver­age weeks ago but hasn’t flipped it to new resis­tance. If green sup­port holds, BTC could revis­it the 200-week mov­ing average.”

Source: Rekt Capital/Twitter

Rekt Cap­i­tal then notes how Bitcoin’s buy vol­ume now is sim­i­lar to what it was weeks ago. How­ev­er, the trad­er says BTC’s price has been impact­ed less by the buy­ing despite the token cost­ing less.

“This week’s BTC buy vol­ume is sim­i­lar to [the] buy vol­ume of a few weeks ago. How­ev­er, weeks ago, [a] sim­i­lar vol­ume pro­duced a +10% move, at high­er prices. This week, sim­i­lar buy vol­ume has pro­duced a small +4% reac­tion, at low­er prices, and most of it has retraced.”

Source: Rekt Capital/Twitter

Recent­ly, the ana­lyst also out­lined how Bit­coin was fast approach­ing its bear mar­ket bot­tom. He said that BTC tends to bot­tom out a year after its pre­vi­ous bull mar­ket peak. It’s been about 300 days since Bit­coin hit its last bull mar­ket peak, accord­ing to the trader.

BTC is trad­ing for $19,950 at time of writ­ing, a frac­tion­al gain on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Fea­tured Image: Shutterstock/Mirexon/Nikelser Kate



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