Bitcoin price stability ousted: The downside still beckons
- Bitcoin price trend still heads south; could be seeking for a bottom?
- Bobby Lee predicts Bitcoin to bottom out around $2,500 in January 2019.
The situation in the crypto market remains unchanged compared to the levels of yesterday, Monday 10. Bitcoin price continues to correct lower on the day with declines hitting 0.53%. As reported yesterday, Bitcoin volatility levels have tripled in a singled month. The current volatility levels are at per with those recorded in March this year.
In addition to that, the crypto has slipped below $3,400 and is trading at $3.398. The immediate upside is capped by the 100 SMA currently at $3,419. The trendline resistance that began last week is still limiting gains but if the buyers can push the price above it, we could see a correction heading towards the first resistance level at $3,500 (seller concentration zone). The next resistance is observed at $3,600 (another seller concentration area).
As the asset grinds southwards, it will find a support at $3,300 and the next support target that will come in handy is seen at $3,211.77. Indicators on the chart are in the favor of the bears who are intent on seeing BTC/USD at $3,000 or the level that Bobby Lee predicted at $2,500. The popular trader says that the largest asset in the market could bottom out around this level according to past price performance where Bitcoin tanked 87% from its $1,200 all-time high to around $150.
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
