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Bitcoin Market Update: BTC/USD drops below triangle formation. BTC holders vow to “HODL to the grave”

  • Peter Schiff asked how long BTC should stay under $10k before investors sell their holdings.
  • A whopping 57.7% said they would be taking their Bitcoin to the grave. 
  • On the other hand, only 15.1% showed their intent to sell after one year.
  • BTC/USD bears retained control as the price dropped below the triangle formation.

A recent Twitter poll conducted by Peter Schiff, a famous BTC critic, shows that most people will HODL their Bitcoin holdings to the grave if the coin’s price fails to move beyond the $10,000 mark. So far, Schiff has yielded responses from more than 23,113 Twitter users. 

He asked Bitcoin users how long the BTC price should stay below $10,000 for them to sell their coins. A whopping 57.5% said they would be taking their bitcoin to the grave. On the other hand, only 15.1% showed their intent to sell after one more year.

This twitter poll is another transparent another attempt by Schiff to criticize the flagship cryptocurrency. Earlier this month, he asked his followers what they think is likely to happen to the prices of Bitcoin and gold. The majority of the respondents predicted that both assets would continue to go up.

BTC/USD daily chart

BTC/USD daily chart

BTC/USD went down from $9,191.60 to $9,189.85 in the early hours of Thursday as the bears retrained control. The price has dropped below the triangle formation and is sitting on top of the SMA 20 curve. The Elliott Oscillator has had two straight red sessions, while the RSI is trending around the neutral zone.

BTC/USD has strong resistance levels at $9,400 (SMA 50), $9,435 and $9,690. On the downside, healthy support lies at $9,188 (SMA 20), $9,138 and $9,020.

Key levels

BTC/USD

Overview
Today last price9190.69
Today Daily Change-0.63
Today Daily Change %-0.01
Today daily open9191.32
 
Trends
Daily SMA209199.51
Daily SMA509402.82
Daily SMA1008852.68
Daily SMA2008501.36
 
Levels
Previous Daily High9273.11
Previous Daily Low9155.84
Previous Weekly High9475.54
Previous Weekly Low8907.51
Previous Monthly High10404.88
Previous Monthly Low8823.34
Daily Fibonacci 38.2%9200.64
Daily Fibonacci 61.8%9228.31
Daily Pivot Point S19140.4
Daily Pivot Point S29089.49
Daily Pivot Point S39023.13
Daily Pivot Point R19257.67
Daily Pivot Point R29324.03
Daily Pivot Point R39374.94


 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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