Bitcoin Shot 03/11: After an aggressive squall of sales, Bitcoin Price Miracle

Sun, 03/11/2018 - 11:05
Vadique Magenta
After an aggressive squall of sales, Bitcoin price consolidation is nearing
Cover image via U.Today

Over the past night, buyers by some miracle managed to keep the Bitcoin price level at $8,400 (1) and avoided the acceleration inside the downtrend to the ​​area around $7,800 (4).

The channel itself is divided into two registers (2) and as we move closely to the upper boundary, any intended purchase can get support and return to a fair price at the level of $9,250 in current accumulation (3).

In general, volumes for sale fall (5) and without a breakdown to the level of $8,400 sales can exhaust their potential.

In this case, we are waiting for consolidation in the range of $8,400-$9,500, which certainly will play in favor of the buyers who will catch a break and have a chance to recover after such an aggressive squall of sales.

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About the author

Vadique Magenta is a financial analyst with experience in cryptocurrency trading.

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