Experts Predict $BTC Bulls Will Fail to Defend $26000 Support

Experts Predict $BTC Bulls Will Fail to Defend $26000 Support


Bitcoin price remains in a fixed range between $27500 and $26684, making it better for new traders to wait for a clear breakout as experts predict a short-term downfall for BTC.

Bitcoin (BTC) price has extended its choppy behavior for over two weeks now, keeping the overall market sentiment uncertain. Any attempts from buyers or sellers are getting rejected and this is why, the Bitcoin price has remained in a fixed range stretched from $27500 and $26684. It is better for new traders not to enter into such volatile price action and wait for a clear breakout.

Bitcoin (BTC) Price Daily Chart

  • The range betwixt $27500 and $26684 stands as a no-trading zone.
  • A breakout from either side of the range may give suitable confirmation of a potential trend.
  • The intraday volume of trading in Bitcoin (BTC) is $12.5 Billion, indicating a 10.4 percent loss.
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Bitcoin price witnessed a whole lot of downtick today and registered a 1.7 percent intraday loss. The coin price as of now exchanges hands at $26754 and showed a breakdown attempt from the aforementioned range support of $26684.

A breakdown below $26684 with daily candle closing would result in Bitcoin (BTC) price sliding to the following whole lot of support of $25265-$25171, registering a potential loss of 6%. Nonetheless, the Bitcoin price may remain positive  tendency in the longstanding until the long-coming support trendline(black) is intact.

On a contrary note, a breakout over the range resistance of $27500 will trigger a short rally of around 3 percent to hit the overhead trendline near $28200.

Will Bitcoin (BTC) Price Hold At $26000?

The Bitcoin (BTC) price is actively taking support at the $26684 level preventing the sellers from extending the present correction phase to the lower levels. Nonetheless, if the market sentiment shows no improvement a breakdown below the aforementioned will make a sharp fall below $26000.

  • Exponential Moving Average: The 50-day EMA slope moving next to the range resistance of $27500 and 100-day EMA $26684 support accentuates the importance of these chart levels.
  • Moving Average Intersection Divergence: The MACD(Blue) and signal(orange) lines went flattish below the neutral line highlighting an indecisive price movement amid a longer downtrend.
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Specialists Predict Short Term Downfall For Bitcoin Price

As Coingape informed, renowned trader Peter Brandt identified the ongoing consolidation in Bitcoin (BTC) price as a famous bearish pattern was known Flag/pennant.

Peter Brandt Predicts Short Term Downfall for BTC Price

Under the influence of this bearish setup, the coin price is very likely witness a whole lot of downfall. The bearish thesis will get invalidated if the Bitcoin price closes over the mid-swing top.

Source

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