Analysis News

Bitcoin (BTC) $ 9,600: support for next fall and alts rise

Bitcoin’s logical behavior, which clearly fits within our balanced forecast, is still mysterious to some analysts from the technical analysis camp. Still, their forecasts for the market also deserve attention.

Josh Rager, a trader and investor, is confident that, at $ 9,600, Bitcoin found a good level of support. To … fall even lower!

– IMO, should hold at this area for consolidation & then likely another move down (Мы должны удержаться здесь для консолидации, а затем вероятен еще один шаг вниз).

According to the technical analyst, if even after that the fall continues, it will mean that the bearish trend has returned («Bearish trend reversal would be confirmed w/ a close at this level»).

And at the same time, the trader notes that now is a good opportunity to purchase BTC on lows. The question is – if the bears are back, why to buy? There will be a better opportunity.

Nicholas Merten (aka Datadash) in his video blog notes that Bitcoin has already fallen by 30% from highs (from $ 13+ K) and now a rebound is very likely. In his opinion, Bitcoin behaves this way all the time, so yes, you have to pick up the Corn and not be greedy:

– If we can get 35% or 40% down here, I’d like to take that as well. But I’m not getting greedy. A 30% correction is the starting point of previous Bitcoin corrections.

But he is still going to be greedy – in terms of altcoins. According to Datadash, you have to watch Dominance. As soon as it falls by 1.5-2% from the current record level of 66%, this should be a signal to the growth of alts. And then it is worth taking:

– I am definitely looking to add a bulk more to altcoins in this case once I see a trend shift. I’m talking about a good 1.5% to 2.0% drop in Bitcoin Dominance.

Technical analysts like to repeat: Do Your Own Research (DYOR). It means – Think with your own head! It is right.