Bitcoin witnessed a massive sell-off this morning that sent cryptocurrencies reeling from the region above $ 8,000 to lows of $ 8,100 and has now dropped below the $ 8000 support level.
Other analysts tend to agree with this assessment, with a leading trader noting that he believes there is a sure chance that the lows in the latest sell-off will mark a bottom.
$ 92 million long Bitcoin orders were liquidated on BitMEX
As soon as Bitcoin dropped to the $ 8000 area, there was $ 92 million long orders liquidated on BitMEX within an hour.
Data from https://t.co/T3RTVBbJrD shows $ 92 million worth of bitcoin contracts were liquidated on BitMEX within a single hour, as bitcoin fell from $ 8,633 to $ 8,291 in less than 15 minutes. pic.twitter.com/VDvFdNH6Qr
– Joseph Young (@iamjosephyoung) March 8, 2020
The recent price action in favor of bears has led investors to increasingly depreciate against BTC, although the price was able to make a relatively strong rise at a daily low near $ 8,100.
The head of Burger electronic investment consulting comment that this drop could be the beginning of a bigger correction, which could bring it back to $ 6,000. He noted that the recent price action has formed a head and shoulders pattern on the daily chart of BTC. This is a lower pattern breakout pattern.
Nick Patel noted that in order for BTC to see the short-term uptrend, the bulls are required to recover $ 8,400, when a daily and weekly close above this level may signal that the recent lows are long-term bottom.
“BTC: * IF * today closes above $ 8400, I'm sure 75% is bottom. Why? SFP of two important swing-lows, rejected from 360MA and anyone who thinks this is a broken neckline of H&S stuck. The target will be 9250, then reach a new high if support is recovered there.
* IF * we close today above $ 8400, I would be 75% sure the bottom is in.
Why? SFPs of two important swing-lows, rejection from the 360MA and anyone thinking this is a break of a H&S neckline is trapped.
Target would be 9250, then new highs if support reclaimed up there. pic.twitter.com/1pDjnvJLLj
– Nik Patel (@cointradernik) March 8, 2020
Patel is not the only analyst showing a cautious bullish sentiment at the moment. Analyst Dave the Wave is claiming that Bitcoin is only entering the buying zone.
“Go to the buying area. Regression of 50% on parabolic increase ”
In the buy zone. Full 50% retracement of the parabolic rise. Anyone buying if yet to build a position? pic.twitter.com/fAcvpDCqrk
– dave the wave (@davthewave) March 8, 2020
If the bulls strongly defend this level, it is likely that its recent lows will mark the long-term bottom followed by a significant price increase.
You can see the price of Bitcoin here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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