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Here’s Why Bitcoin Is in No Man’s Land From a Monthly Technical Perspective

Here’s Why Bitcoin Is in No Man’s Land From a Monthly Technical Perspective

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Chart of BTC’s price action over the past few years with evaluation by crypto dealer NebraskanGooner (@NebraskanGooner on Twitter)

“Weekly close looks great and don’t understand why people continue to be overly bearish. Bitcoin obtained a short term pullback and -20percent is nothing uncommon. Bitcoin proceeds to uptrend and for the next week in a row has closed above the service zone of $9900 to $10,175.
On the chart, the analyst and co-founder of Blockroots explained:
The cryptocurrency will have to break past one of these levels to verify its macro directionality.

  • Bitcoin is currently in no man’s land from a monthly technical standpoint analysts say.
  • The cryptocurrency will have to decisively move above $12,000 or below $10,000 to confirm its directionality.

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    Commenting on the chart, the Bitcoin analyst in question wrote:

    Price tags: xbtusd, btcusd, btcusdt
    Charts from TradingView.com
    Here’s Why Bitcoin Is in No Man’s Land From a Monthly Technical Perspective

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    Josh Rager, yet another crypto analyst, has somewhat echoed the points brought forth by the aforementioned analyst.
    Photo by Vitor Pinto on Unsplash
    Bitcoin might be in no man’s land on a monthly time frame despite extremely strong price action over the past few weeks and months. One analyst shared the  chart below on September 28th, showing the cryptocurrency is still above a crucial technical support and under a horizontal resistance at $12,000.
    “Overall I’m bullish unless we close below EMA support. This monthly isn’t necessarily bearish, but it’s not super bullish to me either. This looks like a pattern which will see slow buying up to $11,650 place where I’ll search for breakthrough or rejection.”

    Released at Tue, 29 Sep 2020 01:00:50 +0000
    Around the same as the last chart was shared, Rager shared the chart below. Additionally, it shows that Bitcoin is captured between two critical levels: a resistance around $12,000 and service around $10,000.

    Chart of BTC’s price action over the past few years with evaluation by crypto dealer NebraskanGooner (@NebraskanGooner on Twitter)

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