{"id":418333,"date":"2020-03-16T17:30:09","date_gmt":"2020-03-16T17:30:09","guid":{"rendered":"https:\/\/ktsl888.com\/?p=418333"},"modified":"2024-06-11T13:46:26","modified_gmt":"2024-06-11T13:46:26","slug":"bitcoin-forms-massive-trading-range-as-analysts-eye-a-move-to-sub-4000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-forms-massive-trading-range-as-analysts-eye-a-move-to-sub-4000\/","title":{"rendered":"Bitcoin Forms Massive Trading Range as Analysts Eye a Move to Sub-$4,000"},"content":{"rendered":"

Bitcoin has once again found itself caught within the throes of an immense selloff, with the benchmark cryptocurrency plummeting below $5,000 earlier this morning in tandem with the decline seen by the U.S. stock market.<\/p>\n

This overtly bearish decline appears to have led to the formation of a new trading range, with some traders noting that they expect BTC to soon drop below the lower boundary of this range and set fresh year-to-date lows in the sub-$4,000 region.<\/p>\n

If this bearish bout of capitulation does occur, it will likely be sparked by a further decline within the equities market \u2013 which has been firmly guiding Bitcoin over the past several weeks.<\/p>\n

Bitcoin Plummets Below $5,000, But Bulls Fight Back<\/strong><\/h2>\n
At the time of writing, Bitcoin<\/a> is trading down over 7% at its current price<\/a> of $4,950, which marks a notable decline from daily highs of nearly $6,000.<\/p>\n
Although BTC has plummeted from its daily highs, it is important to keep in mind that bulls have been able to propel the cryptocurrency from its daily lows of roughly $4,400.<\/p>\n
In the near-term, it does appear that Bitcoin has established a relatively large trading range between $4,400 and $5,000, with the crypto currently attempting to breach the upper boundary of this trading range.<\/p>\n
Bagsy, a prominent cryptocurrency trader on Twitter, explained in a recent tweet that he believes watching BTC\u2019s reaction to these range boundaries will offer significant insight into where the crypto will trend next.<\/p>\n
\u201cBTC We’re beneath the midpoint of the range again (no bueno). Right graph is the current range it’s playing within (3-min chart); for scalping I’d only look to play the extremes of the range (orange boxes),\u201d he explained.<\/p><\/blockquote>\n
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$BTC<\/a><\/p>\n
We're beneath the midpoint of the range again (no bueno).<\/p>\n
Right graph is the current range it's playing within (3-min chart); for scalping I'd only look to play the extremes of the range (orange boxes). pic.twitter.com\/gEwZ0GVv6Y<\/a><\/p>\n
— Bagsy (@Bagsy) March 16, 2020<\/a><\/p><\/blockquote>\n