• About Us
  • Privacy Policy
  • Contact Us
Newsletter
Kelscrypto
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord
No Result
View All Result
Kelscrypto
No Result
View All Result
Home Bitcoin

The Last Time This Indicator Flashed, Bitcoin Dropped 38%; Now It’s Back

January 1, 2021
in Bitcoin
0
Trader Calls for Bitcoin Plunge to $17,000 as Selling Pressure Mounts
Share on FacebookShare on Twitter




  • Bitcoin has been facing some turbulence as of late, with the cryptocurrency’s price action greatly favoring bulls
  • Each dip has resulted in aggressive buying pressure that leads it to new all-time highs, with the ongoing bull market turning into a full parabolic ascent
  • The crypto is fast approaching $30,000, with this being a key level that could prove to be a major hurdle for the crypto to break above
  • One analyst spoke about BTC’s outlook, explaining that where it trends in the mid-term will depend largely on its reaction to a rapidly emerging trend
  • The last time the indicator he references flashed, the cryptocurrency saw a massive 38% retrace right before it was able to recover and see exponential growth

Bitcoin has been caught in the throes of a wild bull market over the past few months, and it is showing few signs of letting up as bulls continue absorbing just about every single dip.

The crypto is rapidly approaching a key level that has long been looked upon as a target for its growth at $30,000. This may prove to be one of the strongest resistance levels it has seen since breaking above $20,000.

One indicator is now forecasting an imminent retrace. If history rhymes, this indicator flashing could suggest that a 38%+ retrace is imminent before BTC sees exponential growth.

Bitcoin Gains Momentum as Bulls Target $30,000

At the time of writing, Bitcoin is trading up just over 1% at its current price of $29,300. This is around the price at which it has been trading throughout the past day.

Bulls have been vying to send its price up towards $30,000, but the selling pressure here seems to be rather intense.

Breaking above this level will be key for BTC to see its next phase of parabolic growth.

Indicator Suggests BTC Correction Could be Imminent 

One trader stated in a recent tweet that Bitcoin’s Monthly Momentum Reading is at levels not seen in quite some time.

The last time it was this high, the crypto saw a rapid retrace that sent it reeling down 38% before it could post exponential growth.

“BTC Monthly Momentum Reading: Something interesting that I’ll be on guard for (interesting, but, not actionable by itself). The last and only time that $BTC saw a Monthly momentum reading this high we saw a 38% retrace & a recovery intra-month and continued exponentially.”

Bitcoin

Image Courtesy of Mr. Anderson. Source: BTCUSD on TradingView.

The coming few days should provide some serious insights into where the entire market will trend in the mid-term.

If Bitcoin does face a strong rejection at $30,000, it could spark a similar retrace to those seen during past bull markets, ultimately seeing parabolic growth.

Featured image from Unsplash.
Charts from TradingView.





Source link

Tags: BitcoinDroppedFlashedIndicatorTime
Share95Tweet59

Related Posts

A $1.45 billion Bitcoin fund is soon listing on NASDAQ Dubai

A $1.45 billion Bitcoin fund is soon listing on NASDAQ Dubai

April 20, 2021
0

3IQ Corp, the company behind a $1.45 billion Bitcoin Fund listed on the Toronto Stock Exchange (TSX), is gearing...

Bitcoin breaks $57,000 as on-chain data turns “mostly bullish”

Venmo launches investing service for Bitcoin, Litecoin, Ethereum, and Bitcoin Cash

April 20, 2021
0

Mobile payment service Venmo announced its crypto investing service today, allowing its 70 million customers to buy, hold and...

South Korea aims to “pay special attention” to Bitcoin and crypto transactions

South Korea aims to “pay special attention” to Bitcoin and crypto transactions

April 19, 2021
0

South Korea’s regulators have announced a new crackdown on crypto-related illegal activity amidst the ongoing digital assets trading boom,...

Environmentalists say Bitcoin must do what Ethereum is doing to fix climate impact

Environmentalists say Bitcoin must do what Ethereum is doing to fix climate impact

April 16, 2021
0

The New York Times published an article featuring calls from experts saying Bitcoin will eventually need to follow what...

This message was included in a Bitcoin block after the Coinbase listing

This message was included in a Bitcoin block after the Coinbase listing

April 15, 2021
0

Expect hidden messages to pop on Bitcoin every time something iconic happens. Yesterday, after crypto exchange Coinbase offered its...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Huobi-Branded Crypto Exchange Launches for Malaysian Market

Huobi-Branded Crypto Exchange Launches for Malaysian Market

November 27, 2020
Despite losing $120M in a day, MicroStrategy is still up on its Bitcoin investment

Despite losing $120M in a day, MicroStrategy is still up on its Bitcoin investment

November 27, 2020
Yes, You Can Spend Your Bitcoin This Black Friday

Yes, You Can Spend Your Bitcoin This Black Friday

November 26, 2020
Bitcoin derivatives market hasn’t been this wrecked since the March crash

Bitcoin derivatives market hasn’t been this wrecked since the March crash

November 27, 2020
Dogecoin steals the crypto spotlight as ‘DogeDay’ trends on Twitter

Dogecoin steals the crypto spotlight as ‘DogeDay’ trends on Twitter

0
Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology

Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology

0
BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

0
What makes the crypto market’s rise to $500 billion different from 2017?

What makes the crypto market’s rise to $500 billion different from 2017?

0
Dogecoin steals the crypto spotlight as ‘DogeDay’ trends on Twitter

Dogecoin steals the crypto spotlight as ‘DogeDay’ trends on Twitter

April 20, 2021
Miner explains why the Bitcoin hash rate fell by 25% recently

Miner explains why the Bitcoin hash rate fell by 25% recently

April 20, 2021
A $1.45 billion Bitcoin fund is soon listing on NASDAQ Dubai

A $1.45 billion Bitcoin fund is soon listing on NASDAQ Dubai

April 20, 2021
Bitcoin breaks $57,000 as on-chain data turns “mostly bullish”

Venmo launches investing service for Bitcoin, Litecoin, Ethereum, and Bitcoin Cash

April 20, 2021

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Regulation

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2020 kelscrypto.com

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord

© 2020 kelscrypto.com