Cryptocurrency
Why Traders Are Not Convinced $13k is the “Top” For Bitcoin
Why Traders Are Not Convinced $13k is the “Top” For Bitcoin: As reported on NewsBTC, “The $13,000 level is considered the most important resistance area for Bitcoin in the short to medium term. Yet, many technical analysts and traders are not convinced it is the peak for the dominant cryptocurrency. The performance of Bitcoin over the […]
Why Traders Are Not Convinced $13k is the “Top” For Bitcoin:
As reported on NewsBTC, “The $13,000 level is considered the most important resistance area for Bitcoin in the short to medium term. Yet, many technical analysts and traders are not convinced it is the peak for the dominant cryptocurrency.
The performance of Bitcoin over the next week could heavily affect how it performs until the year’s end. For now, traders anticipate the upside momentum of BTC to continue for several key reasons.
Consolidation Under a Major Resistance Area is Not a Bearish Pattern
In technical analysis, when the price of an asset remains slightly below an important resistance level but does not see a big pullback, it is acknowledged as a positive trend.
Above $13,000, there are not many resistance levels until the all-time high to $20,000. The initial run-up of BTC to its record-high in 2017 was so fast that it did not leave clear technical levels. As such, when it crashed, it fell quickly below $10,000 within weeks…”