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- The Bitcoin price hovered around $35,000 and technical analysts said this point was a pivotal one on the daily charts.
- A break above this level could push Bitcoin back towards all-time highs around $41,000, while a marked drop below could trigger a fall towards key support at $30,000, they said.
- Although the longer-term outlook for both cryptocurrencies remains skewed to the topside, further losses look likely in the coming days," DailyFX strategist Daniel Moss said in a note.
Bitcoin fell on Wednesday, heading for its largest weekly fall since late August, as a combination of a stronger dollar and a bout of profit-taking swept $172 billion in value from the cryptocurrency market since the start of the week, leaving the price at a pivotal point on the charts.
Now, it is all about fancy technical analysis and clairvoyance as these super analysts surely know what we can never understand. And so be it.
Exactly. Technical analysis is akin to reading tea leaves, you can find something to justify pretty much any position or goal by just tweaking the parameters.
