Cryptocurrencies

Crypto Analyst Outlines Short Term ‘Panic’ Level for Bitcoin (BTC)

By September 17, 2019 No Comments

This article was originally published here.


 

The price of Bitcoin continues to move sideways in an extremely narrow range. And amid the low volatility, analysts are trying to gauge which direction BTC may pop next.

Analyst Nick Cote tells his 63,000 followers on Twitter he’s bullish on BTC after its next halving in May of 2020.

He points to BTC’s Bollinger Bands, which uses two lines of standard deviation to measure volatility, as a sign that traders should be cautious.

In the short term, Cote warns the leading cryptocurrency could suffer another significant drop.

“Week long consolidation has broken down to the downside. No need to panic unless $9,750 falls. Above $10,270 and I’ll be thinking this was a fakeout, but below, the course looks to be back towards the liquidity box below. Currently no position for me with volatility this low…

To clarify my position with Bitcoin: I’m a big bull post-having, but I believe there is plenty of room (and opportunity) for a pre-having shakeout to the tune of 30%.”

As for the altcoin market, Cote says Ethereum needs to remain above support levels around $182 to keep pushing forward.

“Ethereum has hit the $195 target and needs to hold above $182 to continue its recent bullish break from the FW, which if held, will push Ethereum to the $225 mark.

A move below will spell disaster and a high probability re-test of the $165 long term throwback level.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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