The recent drop from $334 to $321 this weekend ended up being a sneaky bear trap. Lately, the market has been quite volatile and as mentioned in our previous technical analysis bitcoin trading has been choppy. As Monday hit, so did a few major buy orders causing the price to jump back to $335. The $336 zone is an important pivot point, it served as resistance a few times this past week accompanied by …
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The market seemed hopeful this weekend but all came to an end on November 10th when Bitcoin dropped over 20%. During the rally, Bitcoin received much mainstream attention with articles coming from CNN, Bloomberg, and New York Times. As a result, many new users found out about Bitcoin and purchased some to join the rally. However, with the recent collapse in prices many are left with a feeling of disappointment …
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In our previous technical analysis for 11/6 we speculated that if prices hold steady for the next day there may be a sign that stability is here. The recent bull run signaled the completion of the 1 year long bearish market. Because of the sudden decrease in trading volume post the bull run, we speculate that the market will try to stabilize between strong support and resistance orders. pantheo from tradingview suggests that …
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