Monday, July 4, 2022

Traders say $15.5K level ‘crucial’ after Bitcoin price dips below parabola By Cointelegraph

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Traders say $15.5K level ‘crucial’ after Bitcoin price dips below parabola

Over the weekend numerous traders pointed out that (BTC) price broke its parabolic uptrend which had dated back to September. Technical analysts are bracing for a pullback as the dominant cryptocurrency eyes consolidation.

Bitcoin could still see a strong recovery after the weekly close if there is a continuation of the rally. But it would need to quickly re-enter the parabola or risk a potential downward correction.

Parabola on the 12-hour Bitcoin price chart. Source: TradingView, Altcoin Psycho