Bitcoin Dropping to $6K ‘Golden Pocket’ Isn’t Bearish Says Trader

125 Views

  • Thanks! Share it with your friends!

    You disliked this video. Thanks for the feedback!

lucas.gatti36
Published
Bitcoin ( BTC ) could crash to $6,000 and still remain bullish, one trader claimed on June 26 as the largest cryptocurrency tested $9,000 support. In a Twitter analysis , the popular trader known as SteveCrypt0 offered an alternative to the bearish sentiment coming from markets this week. With BTC/USD circling $9,200, analysts are broadly risk-off. Broad correlation with ailing stock markets has sparked multiple warnings that a failure to keep support at current levels could spell a fresh downturn. For SteveCrypt0, however, even a worst-case scenario would not necessarily spell the end of the Bitcoin bull case. BTC/USD could hit $6,300 or even lower, he argued, and still retain its overall uptrend. The reason, he said, lies in the fact that a Fibonacci retracement level lies at $6,340.“We could go as low as 6300 or even dip to 6k and still be bullish,” he commented.“In fact, it would even be a healthy correction right into the golden pocket of the 0.618 Fib level.”BTC/USD chart showing Fibonacci retracement level. Source: SteveCrypt0/ TwitterFibonacci lines represent a keen area of interest for Bitcoin traders eyeing short-term support. A 61.8% retracement versus previous highs is nothing new for BTC/USD — Bitcoin has shown an affinity for doing just that in recent times. This time, $6,340 is the retracement relative to the recent highs of around $10,200 seen in early June. In April, Cointelegraph noted that the same theory called for a pullback to $5,300, a month after 2020 lows of $3,600. Such a scenario did not play out. Bitcoin’s performance meanwhile is likely to remain dictated by macro factors. On Thursday, veteran trader Tone Vays sounded the alarm about weakness in the S&P 500, together with a lack of nearby support levels.


All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/bitcoin-dropping-to-6k-golden-pocket-isnt-bearish-says-trader


#btc #miningsimulatorwiki #convertbitcointodollar #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange
Category
Crypto Trading
Tags
Be the first to comment