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Nexo

Traders Forecast Bitcoin Will See a “Cool-down Period” as Rally Overheats

Cole Petersen by Cole Petersen
5 months ago
in Bitcoin
0
  • Bitcoin has been caught within the throes of a consolidation phase ever since its price exploded up to its recent highs of $18,600
  • The selling pressure that existed here was significant and sparked a $1,000+ move lower that was eventually absorbed by bulls
  • This price action has done little to provide insight into its near-term outlook, as both bulls and bears have shown signs of strength
  • Whether or not it can break and hold above $18,000 should provide serious insights into its near-term outlook
  • One trader is expecting a “cool-down” phase in which BTC inches lower or sees a consolidation phase
  • He notes that this type of short-term trend would be “more than welcome” considering the strength of the recent rally

Bitcoin is showing signs of losing its momentum following its massive rally from its recent $10,000 lows.

The crypto is trading up nearly 80% from where it was just a few weeks ago, and whether or not it can push higher in the near-term should depend largely on the resistance at $18,000.

Earlier this week, BTC faced a grim rejection at $18,600 that slowed its ascent and caused it to plunge lower.

The consolidation phase seen in the time since may mark a “cool-down” phase, which means that some slight downside could be imminent in the near-term.

Bitcoin Struggles to Hold Above $18,000 

At the time of writing, Bitcoin is trading just a hair below $18,000 at its current price of $17,950. This marks a notable upswing from its multi-day lows of $17,400 but a decline from highs of $18,600.

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Because it is trading squarely between these two levels, where it trends in the near-term may depend largely on whether or not bulls can flip the $18,000 equilibrium level into support.

An ability to do so could be the impetus for another leg higher.

Trader Claims BTC May Enter a “Cool-down” Period

One trader believes that Bitcoin may enter a cool-down period following its recent upswing, which means that it could drift significantly lower before seeing another parabolic move higher.

“BTC: Expansive moves up often see a cooling off period, Profit taking etc. A corrective leg is more than welcome. Paying myself!”

Bitcoin

Image Courtesy of TraderXO. Source: BTCUSD on TradingView.

Where BTC trends throughout the coming few days should depend largely on its continued reaction to $18,000. Any firm break above this level, or rejection below it, could even set the tone for the rest of 2020.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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

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