After yesterday's upward movement, now BTC is just hovering around $11,200 (Check the real-time price informaation here), will it dip below the strong support area near 10K and move to the expected 8K in the next few session before Chinese new year?
Feel free to share your comments below, we also want to share an original price analysis from a Chinese analyst Kuang Ren about BTC:
I have been emphasizing on my view that the bearish trend will remain intact for nearly a month.
There’re 2 oscillating ranges as marked on daily chart. We moved out of the last one 2 weeks ago before stepping into the red one.
Arrow points to the breaking point for selling, which can be interpreted as one of the reasons why selling should be the priority if price breaks the support with expanding volumes near the breaking point.
As you can see, BTC has only tested the upper limit once in the past half a month with extremely weak momentum after that point and even lacks the courage to retest that level.
Therefore, price will keep oscillating within the range as bears are still leading the market. DO NOT chase high here.
Original by Kuang Ren, translated by AICoin Jami.
Check the full-version analysis here: https://www.aicoin.net.cn/article/11905.html
Topic: Will BTC get to the estimated 8K (Read 97 times)
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