{"id":402755,"date":"2019-10-29T21:00:12","date_gmt":"2019-10-29T21:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=402755"},"modified":"2024-06-11T13:31:37","modified_gmt":"2024-06-11T13:31:37","slug":"analysts-less-bullish-on-bitcoin-as-short-term-trend-signals-stagnance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analysts-less-bullish-on-bitcoin-as-short-term-trend-signals-stagnance\/","title":{"rendered":"Analysts Less Bullish on Bitcoin as Short Term Trend Signals Stagnance"},"content":{"rendered":"<p>After facing extreme volatility over the past several days and weeks, Bitcoin (BTC) has found itself caught within a relatively tight trading range within the mid-$9,000 region, and where it goes from here could determine which direction it trends in the mid-term.<\/p>\n<p>Analysts are now noting that Bitcoin is currently sitting between two key levels, with resistance directly above its current price and support directly below it, and investors may soon gain greater insight into the long-term significance of its recent rally as it breaks above or below one of these levels.<\/p>\n<h2><strong>Bitcoin Consolidates Following Meteoric Movement<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/2019\/10\/18\/analysts-target-6200-as-bitcoin-faces-bearish-technicals\/\">Bitcoin<\/a> is trading up marginally at its <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\">current price<\/a> of $9,370, which marks a slight drop from its daily highs of just below $9,500 and a slight climb from its daily lows of $9,250.<\/p>\n<p>This relatively tight trading range has come about shortly after BTC surged from lows of $7,300 to highs of over $10,500, and analysts are generally noting that it must hold above the lower-$9,000 region in the near-term in order for its uptrend to extend further.<\/p>\n<p>Big Chonis, a popular cryptocurrency analyst on Twitter, spoke about the importance of BTC holding above $9,000 in a recent tweet, explaining that a break below this level would also mark a break below its 200-day moving average.<\/p>\n<blockquote><p>\u201c$BTC &#8211; chop chop chop #bitcoin with about a $1000 range and continued rejecting of the MA100 on the daily chart as follow up volume declined significantly, still way above EMA\u2019s on higher time frames, lower ones being currently tested&#8230; Holding above $9k ideal for MA200 support,\u201d he explained.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> &#8211; chop chop chop <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> with about a $1000 range and continued rejecting of the MA100 on the daily chart as follow up volume declined significantly, still way above EMA\u2019s on higher time frames, lower ones being currently tested&#8230; Holding above $9k ideal for MA200 support <a href=\"https:\/\/t.co\/zjm9Dk6PA4\" rel=\"nofollow\">pic.twitter.com\/zjm9Dk6PA4<\/a><\/p>\n<p>&mdash; BIG Chonis (@BigChonis) <a href=\"https:\/\/twitter.com\/BigChonis\/status\/35490572?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 29, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Analyst: Break Below $9,300 Would Fuel BTC\u2019s Bears<\/strong><\/h2>\n<p>While echoing Big Chonis\u2019 sentiment, Cred \u2013 another popular <a href=\"https:\/\/wncen.com\/2019\/09\/04\/bitcoin-caught-in-wide-long-established-trading-range-factors-trends\/\">cryptocurrency<\/a> analyst on Twitter \u2013 explained in a tweet that BTC\u2019s bears must hold the cryptocurrency above $9,300 in the near-term, as a daily close below this level could cause the crypto to cut deeper into its recent gains.<\/p>\n<blockquote><p>\u201c$BTC: Daily closed worse than it looked during my update. It&#8217;s still in an area of support, but given the ambiguous weekly chart and failure to close above $9300, I&#8217;m flat for now. If bulls have any bollocks then the dotted line ($9500s) is the level to break for continuation&lt;\u201d he said while pointing to the chart seen below.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a><\/p>\n<p>Daily closed worse than it looked during my update.<\/p>\n<p>It&#39;s still in an area of support, but given the ambiguous weekly chart and failure to close above $9300, I&#39;m flat for now.<\/p>\n<p>If bulls have any bollocks then the dotted line ($9500s) is the level to break for continuation. <a href=\"https:\/\/t.co\/7YPPBDHfC0\" rel=\"nofollow\">pic.twitter.com\/7YPPBDHfC0<\/a><\/p>\n<p>&mdash; Cred (@CryptoCred) <a href=\"https:\/\/twitter.com\/CryptoCred\/status\/19463425?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 29, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The coming several hours will likely illuminate BTC\u2019s <a href=\"https:\/\/wncen.com\/2019\/10\/13\/bitcoin-forms-coveted-ema-bull-cross-amidst-early-morning-surge\/\">near-term trend<\/a>, as how it reacts to the two aforementioned levels will provide critical insight into which direction that markets are heading next.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>After facing extreme volatility over the past several days and weeks, Bitcoin (BTC) has found itself caught within a relatively tight trading range within the mid-$9,000 region, and where it goes from here could determine which direction it trends in the mid-term. Analysts are now noting that Bitcoin is currently sitting between two key levels, with resistance directly above its current price and support directly below it, and investors may soon gain greater insight into the long-term significance of its recent rally as it breaks above or below one of these levels. Bitcoin Consolidates Following Meteoric Movement At the time of writing, Bitcoin is trading up marginally at its current price of $9,370, which marks a slight drop from its daily highs of just below $9,500 and a slight climb from its daily lows of $9,250. This relatively tight trading range has come about shortly after BTC surged from lows of $7,300 to highs of over $10,500, and analysts are generally noting that it must hold above the lower-$9,000 region in the near-term in order for its uptrend to extend further. Big Chonis, a popular cryptocurrency analyst on Twitter, spoke about the importance of BTC holding above $9,000 in a recent tweet, explaining that a break below this level would also mark a break below its 200-day moving average. \u201c$BTC &#8211; chop chop chop #bitcoin with about a $1000 range and continued rejecting of the MA100 on the daily chart as follow up volume declined significantly, still way above EMA\u2019s on higher time frames, lower ones being currently tested&#8230; Holding above $9k ideal for MA200 support,\u201d he explained. $BTC &#8211; chop chop chop #bitcoin with about a $1000 range and continued rejecting of the MA100 on the daily chart as follow up volume declined significantly, still way above EMA\u2019s on higher time frames, lower ones being currently tested&#8230; Holding above $9k ideal for MA200 support pic.twitter.com\/zjm9Dk6PA4 &mdash; BIG Chonis (@BigChonis) October 29, 2019 Analyst: Break Below $9,300 Would Fuel BTC\u2019s Bears While echoing Big Chonis\u2019 sentiment, Cred \u2013 another popular cryptocurrency analyst on Twitter \u2013 explained in a tweet that BTC\u2019s bears must hold the cryptocurrency above $9,300 in the near-term, as a daily close below this level could cause the crypto to cut deeper into its recent gains. \u201c$BTC: Daily closed worse than it looked during my update. It&#8217;s still in an area of support, but given the ambiguous weekly chart and failure to close above $9300, I&#8217;m flat for now. If bulls have any bollocks then the dotted line ($9500s) is the level to break for continuation&lt;\u201d he said while pointing to the chart seen below. $BTC Daily closed worse than it looked during my update. It&#39;s still in an area of support, but given the ambiguous weekly chart and failure to close above $9300, I&#39;m flat for now. If bulls have any bollocks then the dotted line ($9500s) is the level to break for continuation. pic.twitter.com\/7YPPBDHfC0 &mdash; Cred (@CryptoCred) October 29, 2019 The coming several hours will likely illuminate BTC\u2019s near-term trend, as how it reacts to the two aforementioned levels will provide critical insight into which direction that markets are heading next. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":401834,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-402755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>Analysts Less Bullish on Bitcoin as Short Term Trend Signals Stagnance<\/title>\n<meta name=\"description\" content=\"Investors may soon gain greater insight into the long-term significance of Bitcoin&#039;s recent rally as BTC sits between two key price levels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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