Bitcoin's latest flash dump doesn't seem to be as bearish as people think, this is the reason!

Bitcoin price analysis on April 22, 2019

In the early morning of February 20, investors witnessed a rapid dump of Bitcoin (BTC) that caused the price to fluctuate from about $ 10,000 to as low as $ 9,200 - the point where BTC found some support to help the price. Turn back higher.

Despite the unpleasant nature of this decline, it is important to note that things may not be as bearish as it looks, with a strong rebound from the lows seems to suggest that the king will soon be. continuing with medium-term uptrend.

Analysts are emphasizing the recovery of leading cryptocurrencies after this flash incident seems to imply that BTC will soon rise higher, when a leading analyst targets the move back to the highest level. in 2020 at about 10,500 USD.

Bitcoin plunged in the flash crash of the market, but the technical situation remained bullish

At the time of writing, Bitcoin is trading about 5% down at its current price of $ 9,670 - marking a significant decline from the daily high of $ 10,200, around where BTC has been trading for a few days. by.

It's worth remembering that, although today's decline is too bearish, BTC is still above trading on Monday - when it plummets to $ 9,400, and the ability to protect areas below $ 9,000 with a number of basic strengths of the buying side.

HornHairs - a well-known cryptocurrency analyst on Twitter, mentioned this sell-off in a recent tweet, in which he explained that the daily close above $ 9,485 suggests Bitcoin will certainly expand. its recent price increase.

“BTC macro update: Unpleasant shake so far: Pullback average. Want to see prices closing today above $ 9,485 to maintain the low range and bullish structure. It still looks good for further price increases during that event, ” he explained, pointing to the range seen below.

BTC is still able to set a new 2020 high for a few more days

HornHairs also expressed some further bullish views in a tweet after the recent price drop, explaining that he was targeting a short-term rally to the highest level of 2020 at $ 10,500.

“Long BTC: Cannot disable the medium-term outlook here. I joined after scanning above the 2 hour closing level. Target $ 10k5. Now or never," he explained and pointed to the chart below.

The way Bitcoin trades over the next few hours will give a deeper insight into the medium-term significance of this latest sell-off and any appreciation at this level may imply that this is a bearish trap. price - usually followed by a big price increase.

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According to NewsBTC
Translated by ToiYeuBitcoin


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