Bitcoin Price Drops $1,000 or More Right at “Logical” Failure Point

This week, Bitcoin’s rally and potential drive upward back into a full-blown bull run and parabolic advance reached a high point of $13,200, before bears got the best of bulls who had kept pumping up Bitcoin price higher and higher over the last 48 hours.
During the 2018 bear market, once Bitcoin’s parabolic advance was broken it ping-ponged between peaks and troughs before eventually bottoming. Will Bitcoin once again find a bottom now that more upside potential was rejected for now, and is $13,200 the new resistance to break before another attempt at $14,000 is made?
Indicator Inventor: Bitcoin Price to Fail at “Logical” Place
At just about 7:30AM EDT on July 10, Bitcoin price traded at a high of $13,200 as it climbed its way back up towards previous resistance at $14,000 to make another go at breaking it and heading off to set new all-time highs.
Related Reading | Investor: Bitcoin is the Best Performing Asset, Path to $100,000 is Easy To See 
Instead, Bitcoin price was rejected at the important level above $13,000, much like it was at $14,000, albeit less violently. Bitcoin price hovered above a previous local high for much of the day before making an attempt much higher. There is stayed for hours before it ultimate was rejected by strong overhead resistance.
The resistance point was a “logical” place for failure, according to the creator of the trading indicator, the Bollinger Bands, John Bollinger. And failed it did, dropping nearly $1,000 instantly before a bounce at $12,000.

Bitcoin’s Next Bull Run May Be Sparked By S&P 500 Uptrend, Claims Analyst
Thursday September 12, 2019

Bitcoin (BTC) has been facing a long bout of consolidation ever since it was rejected at its 2019 highs of $13,800 earlier this summer. Simultaneously, the equities markets have also faced a period of...

The post Bitcoin’s Next Bull Run May Be Sparked By S&P 500 Uptrend, Claims Analyst appeared first on 12bitplay - Bitcoin Play.

This is a 'logical place' to $BTCUSD to fail. Time to pay attention.
— John Bollinger (@bbands) July 9, 2019

Bitcoin Price (BTC) Showing Signs of Continued Weakness
Thursday September 12, 2019

Bitcoin price is moving lower and is trading well below the $10,250 resistance against the US Dollar. The price is likely to extend its decline below the $10,000 support level in the coming sessions....

The post Bitcoin Price (BTC) Showing Signs of Continued Weakness appeared first on 12bitplay - Bitcoin Play.

With $13,000 as the new psychological barrier to the bull run, anything below it now is bear territory, and bulls will need to stay on their toes. However, if a deeper correction follows here, it could be considered extremely healthy for the first ever crypto asset.
Many crypto analysts and traders suggest that a return to retest former resistance turned support is they key to confirming the bull run structure is sound and sustainable.
Altcoins Capitulate Further if BTC Value Dives Deeper
Another thing that is consider healthy for Bitcoin, is the death of altcoins. The asset class has breached support bottom support, and is at risk for plummeting much deeper. Some analysts claim the fall from here could translate to another 50% drop – much like Bitcoin price did when it finally fell through support at $6,000 and eventually bottomed out at $3,150.
Related Reading | Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed 
Coupling news that Binance’s exotic altcoins were off-limits for US-based investors, and Bitcoin’s rally since April absorbing all of the capital from the altcoin market, and most altcoins are currently sitting at lows relative to their BTC trading pairs. In USD, their values are still above bear market lows, but another dip in Bitcoin would cause altcoins to drop in value in both BTC and USD in the near future.
Like Bitcoin, though, at levels below here altcoins become a strong buy and also like Bitcoin, could rebound to new highs in a matter of no time once final capitulation sets in and sell pressure lets up.
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Prominent Analyst: Bitcoin May Have Established Mid-Term Bottom
Thursday September 12, 2019

Bitcoin has incurred some upwards momentum today after facing growing selling pressure around $10,000. BTC’s ability to hold above this price level may be a bullish sign, as it signals that bears do not...

The post Prominent Analyst: Bitcoin May Have Established Mid-Term Bottom appeared first on 12bitplay - Bitcoin Play.

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