Blood for Risky Assets: Bitcoin Market Pointing to a Correction

Traders are calling for a move down while several trends are pointing to the same fate. Looking for a heavy correction?

A new week, but the same bitcoin price level.

With 0.45% gains, BTC/USD is trading under $9,100 with just $860 million in ‘real’ trading volume. The greens have altcoins seeing some gains as well.

This is actually the 9th week, bitcoin has been consolidating within an $8700 – $9700 range.

Economist and trader Alex Kruger is expecting a “bloody beginning of the week for risk assets.” He cited the coronavirus cases getting out of control in some US states increasing odds of renewed lockdowns and Coca Cola stopping advertising combined with quarter-end pension funds equity outflows for red markets.

For the world’s leading digital asset, the good thing is the on-chain data that supports an upwards move in the coming months.

This on-chain data is the amount of bitcoin not moved in a year, at 61% it is reaching the early 2016 level that preceded bitcoin’s bull run to $20,000.

But some also pointed out how whenever in the past these active addresses crossed the price, there has been a sell-off in the market.

So, we may experience a correction before moving up.

Yet another bearish scenario is shared by trader Coiner-Yadox who shared how each time the bitcoin gets a weekly Stoch cross down, Stock over 70 is when we get a “pretty heavy correction each time.”

This pullback was seen even in the massively bullish market in 2017 so, looks like, it’s time to prepare for a move down. These daily Stoch has been reportedly giving “very good signals” since 2017’s top.

These downwards moves have been of varying percentages that have been as low as 23% and as much as 80%.

“The closer we get from a fakeout was June 2019, but there was still a -16% correction before continuation up,” noted the trader.

Source: @Yodaskk

To some, bitcoin is looking more like a “launchpad” than a local top and this time looks different than the natural – “things may need to go down before they really go up.”

If we do break to the downside, the consensus is $8,000 to $7,000 while some are interested in “much lower.”

Bitcoin (BTC) Live Price

1 BTC/USD =$9,197.3987 change ~ 1.28%

Coin Market Cap

$169.46 Billion

24 Hour Volume

$3.39 Billion

24 Hour VWAP

$9.1 K

24 Hour Change

$117.7978

Bitcoin (BTC) Live Price

1 BTC/USD =$9,197.3987 change ~ 1.28%

Coin Market Cap

$169.46 Billion

24 Hour Volume

$3.39 Billion

24 Hour VWAP

$9.1 K

24 Hour Change

$117.7978

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,470FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Adoption Explosion in Africa, Led by Nigeria, Kenya, and South Africa

Bitcoin continues to gain traction in Africa, with Kenya being the most bitcoin maximalist country, with 94.7% dominance. The top 10 list also contains...

DeFi App Growth Boosts Total Transactions On DApp Blockchains By $4.5B In Q2 2020: DAppRadar Report

In a report by DApp Radar, the total transactional volume on DApps touched the $12 billion mark in Q2 2020, representing a $4.5 billion...

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today