Bitcoin Price Must Now ‘Reclaim $9400 Quick’ to Stop Bears — Trader

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Bitcoin ( BTC ) must reclaim $9,400 as soon as possible in order to change its bearish course, says Cointelegraph Markets analyst filbfilb . In an update on social media on July 16, the popular trader warned that the situation facing Bitcoin was fast becoming make or break.“BTC Bulls need to reclaim $9400 quick sharp,” he wrote in comments on a long-term price chart. Attention focused on BTC/USD being stuck in a compression cycle which has lasted for multiple weeks. Compression refers to a pattern of higher lows and lower highs, with a trading corridor narrowing before a breakout. For Bitcoin, the danger lies in a potential climax occurring in bearish territory as denoted by the Bollinger Bands volatility indicator. Bollinger Bands consist of an upper and lower band surrounding a middle band and have historically captured both bullish and bearish moves by Bitcoin. BTC/USD chart showing compression cycles. Source: filbfilb/ Twitter“Coming to the end of consolidation/compression now.. doing so below the middle of the bbands is not typically a good sign,” filbfilb continued. Should $9,400 reappear, he added, the outlook would be open to reinterpretation:“Reclaim that level and happy to reconsider bearish bias.”As Cointelegraph reported , looking ahead, bearish scenarios now focus on levels below $9,000 — $8,700 and $8,200, the latter representing Bitcoin’s 20-week moving average.“Bitcoin continues the slow bleed down towards 9k,” filbfilb told Telegram trading channel members earlier Thursday.“Was pretty bad losing the $9,250 level; the weekly support and bottom of the range at $8,700 is looking increasingly likely to be tested.”$9,000 support held up in early trading, with press time levels at around $9,080. BTC/USD remains vulnerable to stock market moves, with a fresh rout more than capable of sending the pair towards bearish targets.


All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/bitcoin-price-must-reclaim-9-400-quick-sharp-to-stop-bears-trader


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