Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bitcoin (BTC), the top cryptocurrency by market cap, is testing the $7,800-$7,900 support for the fifth time since plunging 20 percent on Sept. 24.
This time around, bulls might be way too exhausted to defend the above-mentioned price level, which could potentially result in another major downward move that bears have been waiting for.
At the time of writing, Bitcoin is trading at $7,946 after a sizeable 3.22 percent drop, CoinStats data shows. Altcoin holders are also feeling the burn -- Ethereum (ETH), the top coin by market capitalization, is currently down by almost 5 percent while Bitcoin Cash (BCH) has plunged by 6 percent.
Despite the gloomy technical picture, cryptocurrency trader 'Galaxy' says that it's too early to call the battle.
BTC: dropped $100
and CT be like: is dead $5k next stop.— Galaxy (@galaxyBTC) October 22, 2019Advertisement
Meanwhile, Josh Rager hopes to accumulate more at the $3,000 level in case of another major price drop.
I don't ask for much
— Josh Rager ? (@Josh_Rager) October 23, 2019
All I want is a $600+ green candle so that I can put in a 5x short as price rejects off overhead resistance for Bitcoin to freefall $3k so that I can collect my short profits & load my bags once more at $6k to ride off in the sunset to new highs
That's all
Bitcoin has been going back and forth within the same price range for nearly a month with a few notable fakeouts. It doesn't take a trading guru to predict that the top coin might experience another volatile move in a matter of days given that the Bollinger Bands, a key technical indicator for measuring volatility has been extremely tight as of recently.
Trader "The Crypto Dog" says that he's surprised that anyone is still able to buy BTC at $9,000. Meanwhile, famous gold proponent Peter Schiff insists that the orange coin is way too expensive, and its price might drop to as low as $200.
What will be Bitcoin's next move? Share your take in the comments!
Vladislav Sopov