Edward Snowden is considering buying the dip… are you?
With little light at the end of the tunnel visible, BTC price action remained unsurprisingly weak.“Would assume we’d be at $10K actually, after the terrible news we’ve received past weeks.”
Trader and analyst Rekt Capital, meanwhile, warned of support-resistance flips in the making thanks to the weekly close, Bitcoin’s lowest in two years.alongside a chart of important focal levels. “From this chart, we can see that $BTC has performed a new Weekly Close below the Monthly level of ~$17300. Initial signs of this level flipping into new resistance this week.”Other posts on the day warned of the potential for “additional downside wicking” on BTC/USD while noting that historically, prior bear markets were still worse in terms of the pair’s descent from cycle highs.
“There’s still a lot of trouble ahead, but for the first time in a while I’m starting to feel the itch to scale back in,” he stated.The dollar gives a “perfect” route to BTC upside Stocks offered little respite to crypto bulls on the day, with the S&P 500 and Nasdaq Composite Index down 0.3% and 0.8%, respectively, during the first hour.
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