• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
A $9,800 Bitcoin is Possible After Overnight Upside Rejection: Analyst
Nexo

A $9,800 Bitcoin is Possible After Overnight Upside Rejection: Analyst

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0
Advertisement

Bitcoin bulls should brace for the cryptocurrency to hit the $9,800 valuation, according to an analyst.

The pseudonymous entity envisioned the downside scenario after BTC/USD failed to maintain support above $11,200 on Sunday. A high selling pressure around the said level ensued an overnight bearish correction. As a result, the pair fell to as low as $10,750 at one point in time.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“SuperTrend is now flipping bearish and looks to be ready to correct as predicted,” the analyst noted, adding that he has closed most of his spot Bitcoin positions with expectations to open them later at lower levels.

bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency, Euro, EURUSD, cryptocurrency, dollar, dxy
BTC/USD bearish scenario pitched by IncomeSharks. Source: TradingView.com

The statement came amid Bitcoin’s overstretched consolidation moves inside the $10,800-$11,200 area. Any attempts to extend bullish momentum above $11,200 met with rejection. Simultaneously, the $10,800-level held a falling BTC/USD from flourishing its bearish bias.

The rangebound price move allowed the analyst to eye a retest of $10,800 all over again. Nevertheless, this time, he anticipated a broader bearish move towards the supports-at-front near $10,200, $10,000, $9,800, and even levels below it.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Why Bearish?

The analyst did not give an immediate reason behind his bearish predictions. But based on his previous tweets, it appears that he is ready to roll over to the bullish side should Bitcoin break above $11,250. Excerpt from one of his predictions published during the weekend session:

“Either we drop now (next few days), or we pump to diagonal resistance/supertrend resistance, then go down. The only way I would change to a more bullish bias is if we closed bullish above $11,250.”

BTC/USD dropped towards $10,750 a day after the analyst’s call.

bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency, Euro, EURUSD, cryptocurrency, dollar, dxy
A fall towards $10,000 appears likely for Bitcoin, as per IncomeSharks. Source: TradingView.com

Now trading near $10,950, BTC/USD still has the potential to test $11,250 in the coming session. That is, at least, possible due to supportive macroeconomic fundamentals, such as the recent weakness in the US dollar index. Bitcoin has shown an inverse correlation with the greenback since March 2020’s global market rout.

Moreover, traders are also waiting for Federal Reserve Chairman Jerome Powell and US Treasury Secretary Steven Mnuchin to appear before the Senate Banking Committee later this week. The two might shed more light on the next stimulus package that stands stuck in the US Congress over the size of the aid.

Closing Thoughts on Bitcoin

If Mr. Mnuchin commits that the stimulus deal will reach a conclusion, then it might leave the US dollar under additional stress. That would leave Bitcoin more bullish in the short-term.

That said, BTC/USD could test the upper trendline of the Triangle pattern, as shown in the chart above, for an extended breakout move. Nevertheless, a fundamental misfire, such as no clarity from Mr. Mnuchin on the stimulus deal, could lead the pair to play the downside scenario towards $10,000 – and below.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Oslo Freedom Forum, Lyn Alden screenshot

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

7 hours ago
Bitcoin

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

13 hours ago
El Salvador

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

2 days ago
Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days

Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days

3 days ago
North Korean Hackers

North Korean Hackers Suspected Of Perpetrating $100 Million Harmony Attack

3 days ago
Oslo Freedom Forum, Fode Diop on stage

3 Lessons From The Oslo Freedom Forum: Why BTC? Nabourema, Likhachevskiy, Diop

3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.