Bitcoin Price Analysis: BTC/USD why are buyers so afraid to commit?
|- Bitcoin price on Thursday after starting the session with gains, saw those taken away swiftly once again by the bears.
- BTC/USD critical demand area of $3600-500 continues to be tested by the market bears.
Bitcoin price on Thursday gave back its early advances, now to be trading down into afternoon trading. Bears continue to sell any short-term rallies that are observed for BTC/USD, buyers remaining reluctant to commit.
Within this month’s finder cryptocurrency report, one the panelists, Muneeb KhanAuthor from Bit Trade, expects $3,000 by January 2019.
He said:
“After trading through and closing below $5,775 on a weekly basis, the path of least resistance looks to be a move toward $3,000. We are in oversold territory at the moment, so we may get some minor rallies, but these are likely to be sold by the bears.”
The vital demand area should be closely watched, this is tracking from $3600-500 price range. Any breach here could be catastrophic, inviting a fast potential move down the next sought area of support, $3000.
BTC/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.