Bitcoin Breaks The Key Psychological Level Of $10,000
One has to wonder if Bitcoin is correlated to Facebook’s Libra coin. After increasing more than 200% to nearly $14,000 in June/July timeframe after Facebook officially announced the Libra coin, Bitcoin’s price has dwindled after the government started raising concerns about Libra. Maybe just a coincidence, maybe traders taking profits but one can’t deny the price action.
In recent weeks, the bulls tried to fend off the bears in an effort to protect the psychological whole round number of $10,000, but the bears brought in back up and finally won the battle a couple of days ago.
All is not lost…well sort of. The chart suggests that there are no more unfilled buyers at the daily demand level at $9200, which has held up for many weeks.
So the next levels I’m watching are the major resistance/support level at $8000 which will coincides with 200 day moving average. But the momentum will be downward at this time based on the 21 and 50 day moving average. If price gets to this level and doesn’t hold, then there is no tell how low price will go.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
That why bitcoin will never bring mass adoption and stablecoins will take the lead. This extreme volatility is not good for the business world.
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It's the gold standard for cryptos, and the Smart Money will see to it that it becomes less volatile due to their buying power.
Very well put. Do you have any preferred stablecoins? I'm still relatively new to the game, but I have played around with Dai via Maker and Compound (supply APR ~ 10-11% !) Big question is whether Amazon follows Facebook and Walmart lead to create a "Prime" or "Bezos" stablecoin of their own...
The adoption is going in the right direction so there will be no stopping it over time. Slower grinds higher with price correction is probably what we should be getting used to I think.
Posted using Partiko iOS
Agree, pullbacks are much healthy than price going straight up.
Well we've seen a big sell off since the Libra case and I think people took profits after that hype, pretty sure it will hit that 8k, haven't seen much in the media but FUD these days
Yeah, I think it goes lower, before it goes higher.
I really thought it was stable at $10k; glad I've held off on buying more.
Is anyone confident of when it'll hit the trough and it'll be optimal time to buy? Thoughts?