Cryptocurrency
Bitcoin’s Downtrend Could Soon Reverse as Analysts Eye Move to $18,500
Bitcoin’s Downtrend Could Soon Reverse as Analysts Eye Move to $18,500: (NewsBTC) Bitcoin has seen some rocky price action as of late, with bulls and bears battling for control over the cryptocurrency’s mid-term outlook. So far, this has resulted in the cryptocurrency seeing some bearish momentum, with sellers taking general control over its trend. This […]
Bitcoin’s Downtrend Could Soon Reverse as Analysts Eye Move to $18,500:
(NewsBTC) Bitcoin has seen some rocky price action as of late, with bulls and bears battling for control over the cryptocurrency’s mid-term outlook. So far, this has resulted in the cryptocurrency seeing some bearish momentum, with sellers taking general control over its trend.
This may soon change, however, as buyers are in the process of pushing the cryptocurrency back above $18,000 – which was acting as a strong support level for the crypto throughout the day yesterday.
Where it trends in the mid-term should depend largely on its reaction to a few key levels – including $18,000.
One trader is noting that $18,500 is his short-term upside target, with a break above this level triggering a rally that potentially leads it back up towards its all-time highs.
However, there is a grim possibility, with the trader noting that a break below its $17,800 support could potentially send the benchmark cryptocurrency reeling down towards the lower-$16,000 region.
If this decline were to take place, it would not only strike a serious blow to Bitcoin’s technical strength, but it could also lead the entire cryptocurrency market to lose the momentum that has been established over the past few months.