Bitcoin (BTC) News – Which are the levels to watch out for in Bitcoin (BTC)?

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Bitcoin (BTC) is again heading downwards. In the recent downturn, it has gone up to a level of $ 3560. Many experts believe that if it heads any lower, it can actually become bearish once again. That is why it is essential to monitor the proper levels for Bitcoin (BTC). The only question is the levels for which you should watch out.

Which are the levels to watch out for in Bitcoin (BTC)?

If Bitcoin (BTC) heads lower than $ 3500, it can make it taste of the crucial support of $ 3000. $ 3000 is not just psychological support, but it is technical support as well. That is why it is essential for the traders to watch out for these levels. Moreover, the entire cryptocurrency market is trading in the shade of red. That is why chances are 3500 will be broken once again. The next level immediately which will be crucial is $ 3400. Thereafter, it might directly move towards $ 3000.

The yesterday’s rally is a thing of the past. That is why the volatility is once again at its peak. Many investors think that Bitcoin (BTC) might have bottomed out. The only bit of problem is that if it hasn’t, it can head much lower than $ 3000 as well. The general perception is that the year 2019 will not bring in more trouble for Bitcoin (BTC) as well as other mainstream cryptocurrencies. However, the first month itself is proving to be very challenging. It is because Bitcoin (BTC) has not been able to clear the resistance of $ 4000.

In fact, after getting closer to $ 3800, it moved back down once again. That is why it will be tough for Bitcoin (BTC) to continue with the recovery. Consolidation does not seem to be happening either. It is directly moving downwards after failing to surpass the higher levels.

As a trader, if you are closely watching out Bitcoin (BTC), it is time to watch out for the levels of $ 3500 and $ 3400. After that, if it breaks $ 3000 as well, it will be very challenging for Bitcoin (BTC) to recover. In such a case, it may head to even the newer lows. Considering the fact that it is falling from $ 20,000, the pain can get still deeper which will make it very difficult for the investors to have any courage to go for bottom fishing. If it breaks $ 3000, it clearly indicates that no support is strong enough for Bitcoin (BTC).

About Priya 131 Articles
I am an IT engineer by qualification and like to explore the crypto and blockchain space in my free time.

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