Will Bitcoin Recover or Are We Heading to Another Crypto Winter?
Bitcoin has been having a bit of a rough week. It is currently trading at $6,768 after a 7% price drop in the past 24 hours. On a weekly view things also seem a bit grim with Bitcoin trading at $8,500 on November 18th which is a price collapse of nearly 20%. Comparing Bitcoin's price to last month's seems a bit milder, with BTC trading at $7,500 on October 25th which is a 9.76% decrease.
As a response to these drops in price, some traders are panicking, and FUD is rampant on online trading boards and forums. This price decrease may serve as an excellent entry point for traders looking for a good entry point in the market.
Crypto Industry Leaders Respond to Bitcoin's Price Drop
Many big influencers and leaders in the world of cryptocurrency have commented on Bitcoin's price drop. The majority remain bullish on Bitcoin in general and some have even told their followers to buy the dip. Some have even referred to it as a "Black Friday Sale".
The @tradingview BLACK FRIDAY SALE is Back, those looking to support my #Bitcoin work please sign up with this link:https://t.co/lc2vEWFYKgâ Tone Vays [Bali - Financial Summit] (@ToneVays) November 25, 2019
As for $BTC Charts, Video in a Few Hours but I like the Reversal Candle + 9 Buy next candle. Daily only on a 4 but at Trend Support: pic.twitter.com/t009Ar5qtf
Bitcoin's price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that's going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future pic.twitter.com/9vlgH4S7u2â Charles Hoskinson (@IOHK_Charles) November 22, 2019
A Bitcoin's Weekly Review
The price is currently testing 38.2% Fibonacci on 1W chart. This is serious level so we can expect confirmation to go up from this point. Wait for the RSI crossover confirmation on both 1D and 1W chart and indicator to go above level of 50 again. We seem to be entering a BUY ZONE. Get ready for the price to take off at any time and as always trade with care.
It seems that the cryptocurrency influencers might be right with the charts showing a great time to enter the market or accumulate.
A special thanks to Senin for his assistance with technical analysis
Written by Jonathan Ganor
Writer & cryptocurrency aficionado