• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin BTC
Nexo Logo

Bitcoin Bulls Defend Key Trendline as Investors Express Extreme Fear

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

After incurring a bout of capitulation throughout the latter part of yesterday, Bitcoin (BTC) has been able to post a decently strong rally that has allowed it to recapture its position within the lower-$7,000 region, and its recent lows may ultimately mark a long-term bottom for the crypto.

It is important to note that the latest rally came about after the cryptocurrency tapped a key trendline that kicked off the 2019 bull run earlier this year, and a continued defense of this level could help bolster the crypto’s mid-term price action.

Bitcoin Bounces at $6,500 as Bulls Fight Back 

At the time of writing, Bitcoin is trading down marginally at its current price of $7,200, and it has been able to erase a significant amount of the losses that were incurred yesterday evening when BTC dipped to lows of $6,500.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It appears that $6,500 is a strong level of support for the cryptocurrency, as its visit to this region was instantly followed by a strong influx of buying pressure that sent it back to the $7,000 region, leading some analysts to believe that this could mark a mid-term bottom.

One factor that should be carefully considered while determining whether or not $6,500 is a bottom for Bitcoin is that the “fear and greed” index – which is widely viewed as a contrarian indicator – is showing that the market sentiment surrounding BTC is “extreme fear.”

Mr. Anderson, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

“$BTC Fear & Greed: Extreme Fear is warranted. They will push until pushed back. The novice should stay on the sidelines. Pros should enjoy the volatility. Typically, the only way out of these scenarios is to bounce out. Expect turbulence.”

$BTC Fear & Greed

Extreme Fear is warranted.

They will push until pushed back. The novice should stay on the sidelines. Pros should enjoy the volatility.

Typically, the only way out of these scenarios is to bounce out. Expect turbulence. pic.twitter.com/ccowfOhWx5

— Mr. Anderson (@TrueCrypto28) November 25, 2019

BTC Bulls Defend Key Trendline

In addition to the extreme fear currently overshadowing the crypto markets – which may prove to be a bullish counter-indicator – Mr. Anderson is also noting that BTC’s bulls are ardently defending the trendline that sparked the bull run seen in early-2019.

“$BTC Log-To-Linear Trend Line: $BTC is trying to put up a fight on at its Linear JUMP OFF trend line that kicked off the Bull Market. As we can see she dumped upon losing the last Log Parabolic Trendline and dumped straight to this Linear Trend Line. Let the battle continue,” he noted.

$BTC Log-To-Linear Trend Line$BTC is trying to put up a fight on at it's Linear JUMP OFF trend line that kicked off the Bull Market

As we can see she dumped upon losing the last Log Parabolic Trendline and dumped straight to this Linear Trend Line

Let the battle continue… pic.twitter.com/BI9EOgi5KP

— Mr. Anderson (@TrueCrypto28) November 25, 2019

How Bitcoin trades in the coming few hours may illuminate how it will trend going into the final weeks of 2019.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Solana

Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact

1 hour ago
ViaBTC’s Sixth-Anniversary Events Come to a Successful End, Bringing Tens of Thousands of Users to a Crypto Carnival

ViaBTC’s Sixth-Anniversary Events Come to a Successful End, Bringing Tens of Thousands of Users to a Crypto Carnival

2 hours ago
Litecoin

Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze

4 hours ago
Bitcoin

Bitcoin Struggles At $19K, Is $17K The Next Target?

6 hours ago
Cardano

Cardano At $0.45, Which Levels Are The Bears Aiming For?

9 hours ago
Dogecoin

Dogecoin (DOGE) Could Use Some Lift – An Elon Musk Tweet, Perhaps?

19 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

July 4, 2022

LBank Exchange Will List DOTORI (DTR) on July 4, 2022

July 4, 2022

WorldPF (WDPF) Is Now Available for Trading on LBank Exchange

July 4, 2022

MetaBitcoin (MBTC) attracts investment from Dubai’s first royal crypto fund, Alawad Fund

July 4, 2022

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange

July 4, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.