Bitcoin Drops Towards $8,300; Is a Big Movement Inbound?
At the time of writing, Bitcoin is trading down just over 1% at its of $8,300, which marks a notable retrace from its recent highs of $8,900 that were set last week when BTC’s bulls quickly pushed the crypto towards this price level, which is where it found significant resistance that sparked a short-term downtrend.
This downtrend was perpetuated yesterday when bears quickly pulled the rug out from beneath BTC and sent it to lows of roughly $8,100 before it rapidly climbed back towards its current price levels.
In the near-term, it is highly probable that Bitcoin and the aggregated crypto markets will soon incur notable volatility, as BTC is currently forming “spinning top candles” within the middle of its tight Bollinger Bands – both signs that a big movement is imminent.“$BTC #Bitcoin – Todays spinning top falls right in the middle of the bands- When volatility hits we could see $7900 to the downside or $8600 to the upside, so prepare accordingly,” Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.
– Todays spinning top falls right in the middle of the bands- When volatility hits we could see $7900 to the downside or $8600 to the upside, so prepare accordingly — Cheds (Trading Quotes) (@BigCheds)
Could BTC Still Target $8,600 in Near-Term?
Despite the bearish price action as of late, it is important to note that there are still analysts who anticipate an upwards movement for Bitcoin in the near-term, with Mayne explaining in a recent tweet that he believes BTC could target $8,600 next.“$BTC: Expected a test of $8150 and we got it. Preemptively long expecting another bullish week. Will compound above the weekly open/monthly open ($8278 & $8300),” he said while pointing to the below chart.
Expected a test of $8150 and we got it. Preemptively long expecting another bullish week. Will compound above the weekly open/monthly open ($8278 & $8300). — Mayne (@Tradermayne)
If Mayne’s analysis does prove to be accurate and Bitcoin is able to break above $8,600, this could mark a bullish break that sparks massive volatility that favors the cryptocurrency’s bulls.
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