{"id":372955,"date":"2019-02-28T00:00:30","date_gmt":"2019-02-28T00:00:30","guid":{"rendered":"https:\/\/ktsl888.com\/?p=372955"},"modified":"2024-06-11T07:45:02","modified_gmt":"2024-06-11T07:45:02","slug":"analyst-bitcoin-traders-should-look-towards-btcs-fundamental-developments-for-guidance-on-future-price-action","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/analyst-bitcoin-traders-should-look-towards-btcs-fundamental-developments-for-guidance-on-future-price-action\/","title":{"rendered":"Analyst: Bitcoin Traders Should Look Towards BTC\u2019s Fundamental Developments for Guidance on Future Price Action"},"content":{"rendered":"

Following Bitcoin\u2019s relatively large levels of volatility over this past weekend, the cryptocurrency has been experiencing a bout of choppy trading but has been able to find some levels of stability above $3,800. BTC\u2019s recent price action also seems to validate $4,200 as its next strong level of resistance.<\/p>\n

Although $3,800 has proved to be a level of support so far, one analyst believes that Bitcoin may drop towards $3,500 in the near future, as its current support levels weaken.<\/p>\n

Long-Term Bitcoin Traders Should Look Towards Fundamental Developments, Claims Analyst<\/strong><\/h2>\n

At the time of writing, Bitcoin is trading flat at its current price of $3,860, where it has been trading at for the past couple of days.<\/p>\n

Although traders and analysts are typically focused primarily on Bitcoin\u2019s price action and chart formations, one analyst recently explained that he believes the fundamental developments<\/a> behind the cryptocurrency are what is valuable while assessing long-term price action.<\/p>\n

\u201cNo matter how strange it may sound to crypto enthusiasts, the best thing that can happen with the crypto market is a moderate dynamic in which all participants can concentrate on the development and implementation of technologies, rather than on prices jumps,\u201d Alex Kuptsikevich, a markets analyst at FX Pro, explained while speaking to MarketWatch<\/a>.<\/p><\/blockquote>\n

Furthermore, Kuptsikevich spoke about BTC\u2019s recent price action, noting that the cryptocurrency still hasn\u2019t surged with enough pressure to validate the low-$3,000 region as a long-term bottom.<\/p>\n

\u201cThe rapid growth to $4,200 for bitcoin launched active profit taking, taking away immediately $400. Thus, no matter how crypto-optimists would like to believe in reaching the bottom, we are still faced with the usual speculations [of a new low],\u201d he said.<\/p><\/blockquote>\n

Analyst: Bitcoin May Drop Towards $3,500 Before Finding Strong Support<\/strong>\u00a0<\/strong><\/h2>\n

Although Kuptsikevich believes Bitcoin may drop back to \u2013 or even below \u2013 its 2018 lows before finding a long-term bottom, other analysts believe that in the short-term Bitcoin will find support around $3,500.<\/p>\n

\"\"
Analysts have mixed opinions on where BTC will ultimately find lasting levels of support.<\/figcaption><\/figure>\n

DonAlt, a popular cryptocurrency trader on Twitter, recently told his nearly-85k followers that he is looking to buy support around $3,500 in order to make profits while Bitcoin<\/a> experiences a bout of sideways trading.<\/p>\n

\u201c$BTC daily update: This is a perfect example of S\/R zones at work – a perfect range. Play it accordingly by buying support & selling resistance or stay out. Everything else will chop you up\u2026 I’d personally love to get 3500\u2026 Not sure I’ll get it. S: 3700 & 3500 R: 3950,\u201d he explained in a daily update.<\/p><\/blockquote>\n

\n

$BTC<\/a> daily update:<\/p>\n

This is a perfect example of S\/R zones at work – a perfect range.
Play it accordingly by buying support & selling resistance or stay out.
Everything else will chop you up.<\/p>\n

I'd personally love to get 3500.
Not sure I'll get it.<\/p>\n

S: 3700 & 3500
R: 3950 pic.twitter.com\/UKQuFSn7gW<\/a><\/p>\n

— DonAlt (@CryptoDonAlt) February 26, 2019<\/a><\/p><\/blockquote>\n