{"id":426593,"date":"2020-06-08T20:00:04","date_gmt":"2020-06-08T20:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=426593"},"modified":"2024-06-11T14:03:45","modified_gmt":"2024-06-11T14:03:45","slug":"decision-time-crypto-traders-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/decision-time-crypto-traders-bitcoin\/","title":{"rendered":"Decision Time: Top Crypto Traders Expect Massive Bitcoin Move In Days Ahead"},"content":{"rendered":"

For forty days and forty nights, Bitcoin price<\/a> has been trading above $8,000 but has repeatedly failed to hold above $10,000. A series of higher lows has kept buying strong, but the cryptocurrency has failed to gain the momentum it needs to break through the critical resistance.<\/p>\n

The push and pull of buyers and sellers has brought Bitcoin to a decision point, and although most crypto traders are divided on the direction of any move, most top traders agree that a massive move is incoming.<\/p>\n

Remembering Three Years of Cryptocurrency Price Action<\/h2>\n
After nearly three full years of a bear market, cryptocurrencies may soon be ready to break out. Failure to launch, however, could lead to disaster.<\/p>\n
In late 2017, Bitcoin price<\/a> rose to its current record high of $20,000, creating the highest touch of what has since become the top of a powerful downtrend line<\/a>. Following an 80% fall, the cryptocurrency bottomed out at $3,200.<\/p>\n
An echo-bubble later formed in early 2019, topping out in June 2019 at $14,000.<\/p>\n
Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend<\/a><\/strong><\/em><\/p>\n
In early 2020, crypto assets took off on over 100% rallies and Bitcoin once again found itself touching the top trend line. A strong rejection followed by the world first learning about the pandemic, caused a devastating selloff now referred to as Black Thursday.<\/p>\n
The fall took Bitcoin price back to the bottom of the trend line, coinciding with the logarithmic growth curve<\/a>. Bitcoin momentarily broke below the log line that had been supporting the asset’s long-term uptrend throughout its entire history.<\/p>\n
The asset has since reclaimed the line in what is now considered one of the greatest shakeouts to ever occur in the crypto market<\/a>.<\/p>\n

It All Leads To This: Bitcoin To Make Decision Defining Move In The Days Ahead<\/h2>\n
After the Black Thursday selloff, Bitcoin price<\/a> has rallied over 150% and has made several attempts to break and hold above resistance at $10,000.<\/p>\n
Failure to do so, however, has yet to lead to a strong correction.<\/p>\n
Not only is Bitcoin dealing with important psychological resistance, but the asset is also once again touching the top of the long-term triangle formed throughout the bear market.<\/p>\n
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Crunch time…. pic.twitter.com\/OWWlg2XNyr<\/a><\/p>\n
— dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) June 8, 2020<\/a><\/p><\/blockquote>\n