{"id":394417,"date":"2019-08-27T21:00:08","date_gmt":"2019-08-27T21:00:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=394417"},"modified":"2024-06-11T10:33:35","modified_gmt":"2024-06-11T10:33:35","slug":"bitcoin-could-be-on-the-verge-of-a-major-breakout-heres-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-could-be-on-the-verge-of-a-major-breakout-heres-why\/","title":{"rendered":"Bitcoin Could Be on The Verge of a Major Breakout; Here\u2019s Why"},"content":{"rendered":"

It now appears that Bitcoin\u2019s recent surge from lows of roughly $10,000 to highs of over $10,500 was simply a flash in the pan, as BTC has now erased nearly all of the gains it incurred during this movement.<\/p>\n

Analysts are now noting that Bitcoin\u2019s current technical formations could signal that BTC is on the verge of a massive breakout, in spite of its recent lackluster price action.<\/p>\n

Bitcoin Nears Critical Support Level, But Bulls May Soon Roar<\/strong>\u00a0<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down nearly 2% at its current price<\/a> of $10,160, which marks a decent sized drop from its recent highs of over $10,500.<\/p>\n

The $10,000 region has proven to be a strong support level over the past several days and weeks, with each drop into the upper-$9,000 region being met with strong buying pressure that sent the crypto surging higher.<\/p>\n

This support, however, may be wearing thin, as each bounce from this level appears to be growing weaker and has been forcing BTC to consistently set lower highs \u2013 a sign that bears have a slight edge over bulls.<\/p>\n

Chonis Trading, a popular cryptocurrency analyst on Twitter, shared his thoughts on the cryptocurrency in a recent tweet, explaining that it is currently trading just a hair above its ascending support line, with a potential break below this line leading to a massive plunge lower.<\/p>\n

\u201c$BTC – EMA cross rejected as #bitcoin has given up almost all of the pump a few days ago…break the higher low and look out below,\u201d he explained.<\/p><\/blockquote>\n

\n

$BTC<\/a> – EMA cross rejected as #bitcoin<\/a> has given up almost all of the pump a few days ago…break the higher low and look out below… pic.twitter.com\/ZRHqhRCJti<\/a><\/p>\n

— BIG Chonis (@BigChonis) August 27, 2019<\/a><\/p><\/blockquote>\n