Top Crypto Investment News, Listings, Member Posts, Crypto Investment Daily Indices and more!

4yrs ago Crypto newsbtc Views: 248

Bitcoin and the aggregated crypto markets incurred an explosive rally yesterday evening that sent BTC’s price skyrocketing from lows of $7,400 to highs of well over $10,000, which marked one of the largest movements that the cryptocurrency has incurred in the past decade.

Analysts are now noting that Bitcoin has been able to hold above a key support level despite retracing significantly from its daily highs, and they are also noting that it may dip slightly lower before continuing to extend its upwards momentum.

Bitcoin Surges to Over $10,000 in Massive Rally Before Retracing

At the time of writing, Bitcoin is trading up over 16% at its current price of $9,250, which marks a notable surge from its recent lows of $7,400 that were set yesterday morning.

This massive surge allowed Bitcoin’s price to surge as high as $10,300 before its bulls quickly lost their strength and led the cryptocurrency to drop as low as $9,000. This retrace signals that bulls over extended themselves during yesterday’s rally and may mean that further losses are imminent.

Importantly, BTC has been able to hold above a key support level despite its massive retrace, which may mean that it will be able to extend its momentum in the near-future.

Big Cheds, a popular crypto analyst on Twitter, spoke about this in a recent tweet, saying:

“$BTC #Bitcoin daily – what’s crazy is even with a near $1500 pull back the price is STILL above the upper BB as I send this tweet.”

BTC May Retrace Towards $8,500 Before Rally Continues

Bitcoin may drop lower in the near-term before it begins climbing higher, with one popular analyst group targeting $8,500 as a good entry point for fresh spot and long positions.

Trading Room spoke about this in a recent tweet, pointing to the charts seen below.

“Buying #Bitcoin. Conservative Entry. Trying to Scalp #BTCUSD 8850-9000 Area aggressively but also looking for a safer re-entry for CASH Portfolio. 8525-8775 zone offers a better & safer. Area to enter $BTC. Interim Target 9750. If Breakout,Target 1 – 12000,” he explained.

Buying #Bitcoin

Conservative Entry

Trying to Scalp #BTCUSD 8850-9000 Area aggressively but also looking for a safer re-entry for CASH Portfolio

8525-8775 zone offers a better & safer Area to enter $BTC

Interim Target 9750

If Breakout,Target 1 – 12000https://t.co/ER94M8kDvu

— Trading Room (@tradingroomapp) October 26, 2019

 

The coming few hours and days may clarify the long-term importance of this latest movement, as an ability for BTC to hold above its near-term support levels may allow bulls to further extend their upwards momentum.

Featured image from Shutterstock.

Bitcoin Retraces from Daily Highs, But Holds Above Key Support Level on NewsBTC.


Today's Crypto Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.