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The increased Bitcoin chance is declining as the medium-term outlook is bleak, it's time for HODL?

Bitcoin price has plummeted in the past few days and worse, the bulls failed to protect the top cryptocurrency when the price fell below the key support at $ 9,000.

Although the gloomy atmosphere is covering the market, analysts believe that the support level can be set at around $ 9,000 and is strong enough to spark the remarkable 'savior' uptrend. , bringing Bitcoin back to the region between $ 9,000.

However, the technical damage from the recent decline is likely to push the price even further down and unless it returns to $ 9,000 in the next few hours, the likelihood of a price rise will fall.

Cow Bitcoin trying to fight back during the brutal sell-off

At the time of writing, Bitcoin is trading down about 4.42% around $ 8,800, marking a noticeable decline from the daily high of around $ 9,600 set right before the intense sell-off of which the money electronics faced throughout the second half of yesterday.

Price of BTC today | Source: Coinmarketcap

The favored bear price action first appeared when the cryptocurrency crashed briefly on Wednesday, causing prices to plummet from a high of 10,200 to a low of $ 9,200.

The short-term bearish structure created from this move was further confirmed on Sunday, when BTC was denied harshly at $ 10,000.

Trader Teddy shared his thoughts on the price of BTC falling below $ 9,000, explaining that shorter time frames are blinking the BTC signal “being over sold” and anticipating another price rise soon. .

BTC: Shorter time frames were oversold – hope There is a dead cat bounce to test the price Previous support as resistance. Traditionally, channels go down be broken up ".

In fact, there is still a possibility that Bitcoin will be overcharged and the price is about to increase, but it is imperative that $ 10,000 is required to be validated again.

In spite of There is potential for price increase but the outlook is bleak

Obviously, the move to increase the relief price will bring investors and analysts once again inclined to increase prices on BTC.

Even so, it can be fueled by squeeze the late short positions and end after BTC hits the recently formed resistance level.

TraderXO said this in a recent tweet:

BTC – it's time to squeeze some belated short position. Increase to region 9,400-9,500 dollars. Stop under swing low.

Additionally, TraderXO reminded the situation that it would be invalidated if Bitcoin decided to break below $ 9,000, indicating that the bulls must quickly regain this importance.

Even if the aforementioned price increase occurs, it may not be strong enough to fundamentally alter Bitcoin's current market structure and be chased by bears, causing further price drops.

The sell-off caused Bitcoin's price to bounce off the “buying area”, suggesting that it was time to hold while waiting for the new bull market.

A sell-off caused Bitcoin to bounce off the buying zone

The market crashed on concern that Corona virus might turn into a pandemic. With so much fear all over the globe, special selling-offs are even stronger.

But even in such a difficult situation, the leading cryptocurrency by market capitalization has risen again.

Price just touched the buy area again (as expected after the rally parabola). Here at to buy if you missed at price 6K, 3K or 6K range once again …."

Analyst: Time to HODL

According to an analyst who correctly predicted many times in the past 2 years, Bitcoin increased at the “buying area”.

The analyst asserts that those who have missed buying dip at $ 3,000 and $ 6,000 should seize this opportunity.

While traders do not rule out the possibility of a lower dip into the buying area and there is too little room in the huge triangle that once brought Bitcoin to ATH and the bear market bottom, it is not worth trying to swing trade. ) Bitcoin.

Instead, analysts say, now is the time to hold.

While knowing that investors need to make their own decisions before making any positions, the analyst mentioned has made many accurate predictions over the past 2 years in the bear market.

The first analyst predicts a move from the 200-week MA at the Bitcoin bottom, bringing cryptocurrencies into a new uptrend.

He then thought the cryptocurrency market was overheating in mid-2019, after reaching $ 14,000. While others are calling for new all-time highs, Dave the Wave was one of the first to emphasize corrective moves.

The recent accurate prediction is about the bottom at $ 6,400. While most markets look for entry positions below $ 6,000, the analyst accurately predicts the bottom once again.

Now, when the trader suggests that the price decline to $ 8,845 is still the perfect time to buy, are you ready for HODL now?

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

Bitcoin Magazine

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