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Bitcoin Price Trends Weakly but Analysts Anticipate Strong $8,000 Support

bitcoin-price-trends-weakly-but-analysts-anticipate-strong-$8,000-support
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After a flash surge to $10,800 on BitMEX, the most widely utilized margin trading platform for cryptocurrency traders, the bitcoin price has slipped back to the $9,900 to $10,300 range.

Bitcoin price falls by nearly $400 after a flash surge to $10,650said Rager.

Similarly, in late August, technical analyst and trader DonAlt noted that if the bitcoin price struggles to reclaim an important resistance range in $10,300 to $10,400, it is expected to slip to the $8,000 region.

“Rejected by resistance, bought up in support. If $10,800 gives way I think we see $11,700 again. If current support at 10400 does, I expect $8,000. Looks weak but looks too good to short. Once this trading range resolves one way or the other the chop will end,” DonAlt said subsequent to a fall below $10,700.

Not All Analysts Are Bearish

Murad Mahmudov, the head of investments and trading at Adaptive Capital, a multi-strategy cryptocurrency hedge fund, stated that $10,000 is likely to hold stable for bitcoin in the upcoming months as a strong support level.

While many analysts anticipated $10,000 to break down as $6,000 did in December 2018, Mahmudov said that it is likely to trigger an extended upside movement.

I feel like I’m one of the only few bulls on CT right now… Both Price Action traders and EW traders are short out the wazoo calling for 7-8keks. Let’s see how this resolves…

— Murad Mahmudov 🚀 (@MustStopMurad) August 25, 2019

“‘~10K is the new ~6K,'” but instead of breaking down it will hold and start grinding UP. You heard it here first,” he said.

Last week, prior to the flash surge of bitcoin, Mahmudov added that the MACD bear cross, which has been recognized as a bearish indicator for bitcoin, could be considered as an indicator for a local bottom.

“People out here be talking about the Weekly MACD ‘bear cross’ like its some kind of a doom verdict. Ironically it marked the local bottom every single time during the last bull cycle. I repeat for the last time. This is a BULL market,” he added.

Click here for a real-time bitcoin price chart.

Joseph Young