Bitcoin “Looks Good” For a Pullback as Price Fails to Pass Key Level

Bitcoin “Looks Good” For a Pullback as Price Fails to Pass Key Level

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Commenting on the specifics of the chart, the analyst who shared it wrote:

Bitcoin Could Face a Short-Term Pullback as Price Fails to Pass Breaker

As to what exactly he expects to happen, he thinks that Bitcoin will range between ,700 and ,700 for the foreseeable future, as that’s where crucial technical levels lie.
One crypto-asset analyst recently shared this chart below. It shows that BTC’s recent rally ended right at a key “daily breaker level,” suggesting that the coin is “good for a pullback” in the days ahead.
Tyler Winklevoss, a co-founder of Gemini, recently said that any push for further inflation of the U.S. dollar and fiat currencies will prove Bitcoin’s value: 

“Stonks love nothing more than wen the money printer goes brrrr like an A-10 warthog. It’s full-fledged addiction that’s not going to end until it has to. When that will happen is hard to predict, but what’s certain is that #Bitcoin will b your only refuge.”

Chart of BTC’s weekly chart since the middle of 2016 with analysis by crypto trader JJCycles (@jjcycles on Twitter).
Source: BTCUSD from TradingView.com

One crypto-asset analyst recently pointed to three key reasons why the macro trend for Bitcoin is still favoring long-term growth. These include Bitcoin flipping a macro ,000 range into support, BTC breaking above a critical long-term trendline, and BTC retracing to a golden pocket Fibonacci Retracement on a macro time frame.
Bitcoin has surged ,000 from last week’s lows of ,400. At ,400, the cryptocurrency remains decisively higher than it was before this rally. Even still, analysts think that Bitcoin is primed to undergo a reversal as its short-term to medium-term chart flashes a number of warning signs.

Technical trends favor bulls as well.

Chart of BTC’s price action over the past 12 months with analysis by crypto trader Rekt Proof (@RektProof on Twitter).
Source: BTCUSD from TradingView.com

The macro trend still favors bulls despite Bitcoin’s short-term weakness and potential for downside.
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“Price tagged bearish daily breaker confluent with EQ As good as price looks for a pullback Id say we range between these levels a bit longer to properly distribute Poor highs around Monday’s high so areas for dips are the H6 breaker and shorts on a sweep.”

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