{"id":416096,"date":"2020-02-26T16:38:36","date_gmt":"2020-02-26T16:38:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=416096"},"modified":"2024-06-11T13:42:33","modified_gmt":"2024-06-11T13:42:33","slug":"all-eyes-on-the-charts-bitcoin-nears-key-levels-as-price-crashes-under-8900","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/all-eyes-on-the-charts-bitcoin-nears-key-levels-as-price-crashes-under-8900\/","title":{"rendered":"All Eyes on the Charts: Bitcoin Nears Key Levels as Price Crashes Under $8,900"},"content":{"rendered":"

Bitcoin, as put by a number of analysts, is “puking.” As of the time of writing this article, the cryptocurrency has plunged to $8,850 on most major crypto exchanges, with BTC<\/a> posting a performance of -5% in the past 24 hours.<\/p>\n

This price action over the past 24 hours has liquidated $55 million worth of BitMEX positions, per data from Skew<\/a>, shaking out the many investors who had longed BTC in the low-$9,000s,<\/a> expecting a return to $10,000 and beyond.<\/p>\n

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With the sell-off shows no signs of abating \u2014 the Bitcoin price continues to trend lower as I write this (now at $8,800) \u2014 analysts are saying it’s time to keep a close eye on the charts, for BTC is rapidly approaching key levels of support.<\/p>\n

Bitcoin At Key Supports Around $8,800, Analysts Say<\/strong><\/h2>\n

According to a number of analysts, Bitcoin is currently in a key support region, which should hold if a bullish narrative is to be touted moving forward.<\/p>\n

Filb Filb \u2014 an extremely accurate cryptocurrency trader who called Bitcoin’s price action for all of Q4 and the subsequent recovery into January and early-February \u2014 recently posted<\/a> the below chart, showing that BTC has entered a region of “support confluence.”<\/p>\n

More specifically, it just encountered the essential 200-day moving average, which analysts say is crucial for BTC to hold, as it would confirm the bull run narrative remains alive. Filb Filb claims that this is a region that should offer traders the opportunity to enter in on “good risk-return longs.”<\/p>\n

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There’s also Big Chonis, another well-known cryptocurrency trader, who noted<\/a> that Bitcoin is in the midst of nearing the lower band of the one-week Ichimoku Cloud, now at $8,500.<\/p>\n

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$BTC<\/a> – watch that lower cloud support…weekly #bitcoin<\/a> chart. pic.twitter.com\/ZZpoWXXa58<\/a><\/p>\n

— BIG Chonis (@BigChonis) February 26, 2020<\/a><\/p><\/blockquote>\n