Home / Business / Analyst: Bitcoin traders should look to BTC's fundamental developments for guidance on future price action

Analyst: Bitcoin traders should look to BTC's fundamental developments for guidance on future price action



After the relatively high levels of Bitcoin volatility over the past weekend, the cryptocurrency experienced a staccato trading crisis, but managed to find levels of stability above $ 3,800. The recent price action of BTC also seems to validate $ 4,200 as the next level of resistance.

Although $ 3,800 has proven to be a level of support so far, one analyst estimates that bitcoin could drop to $ 3,500 in the near future as current support levels weaken.

Long-term Bitcoin Traders Should Turn to Fundamental Developments, Claims Analyst

At the time of writing this article, Bitcoin is trading flat at the current price of $ 3,860, where it has been trading for two days.

Although traders and analysts focus primarily on price action and bitcoin graphics training, an analyst recently explained that he believed that fundamental developments in cryptocurrency were a valuable asset for valuation. long-term actions.

"Strange as it may sound for cryptography enthusiasts, the best thing about this market is a moderate dynamic in which all participants can focus on technology development and implementation, rather than price increases." said Alex Kuptsikevich. A market analyst at FX Pro, explained while talking to MarketWatch.

In addition, Kuptsikevich spoke of BTC's recent price developments, noting that cryptocurrency has not yet risen with enough pressure for the low-US $ 3,000 region to be seen as a long-term trough.

"The rapid growth of $ 4,200 for Bitcoin resulted in an active profit taking, immediately taking $ 400. Thus, whatever the crypto-optimistic will to reach the bottom of the hierarchy, we are still confronted with the usual speculations. [of a new low]," he said.

Analyst: Bitcoin could drop $ 3,500 before finding solid support

Although Kuptsikevich thinks that Bitcoin could fall back – or even fall below – to its 2018 low before finding a floor in the long run, other analysts believe that in the short term, Bitcoins will find support of around 3,500 dollars.

Analysts have mixed opinions on areas in which BTC will benefit from sustainable support.

DonAlt, a popular cryptocurrency operator on Twitter, recently told its subscribers of nearly 85,000 followers that it was looking to buy an assistance of about $ 3,500 in order to make a profit, while Bitcoin is experiencing a latent trading crisis.

"$ BTC Daily Update: This is a perfect example of S / R zones at work – a perfect beach. Play accordingly by buying support and selling resistance or staying out of it. All the rest will cut you off in disorder … Personally, I'd like to get 3,500 … I'm not sure to get it. S: 3700 and 3500 R: 3950, "he explained in a daily update.

Last month, Bitcoin recorded a steady trend: its prices fluctuate considerably before trading sideways for several days, then again. It is possible that BTC's jerky negotiations will result in a further significant price fluctuation on the eve of the end of the week and the weekend.

Selected image of Shutterstock.




Source link