Bitcoin May Have Just Experienced its Final Shakeout Before a Big Rally

October 16, 2018

 

On October 15, the price of Bitcoin dropped to $6,150, dangerously moving closer to its $6,000 support level which it has well maintained since early August. Due to its low volume, Bitcoin struggled to demonstrate momentum in the mid $6,000 region, failing to hold $6,550, a level it had held fairly well throughout the past two months. Over the past 24 hours, the price of Bitcoin surged from $6,150 to $6,750, coming close to breaking out of the $6,800 resistance level that could have opened an opportunity for BTC to break into the $7,000 region. Although BTC has fallen to $6,400 since then, traders are positive the drop to $6,150 was the final shakeout BTC needed to see before a new rally. After a month-long lay off, well recognized technical analyst and cryptocurrency trader AngeloBTC, who possess hundreds of thousands of followers on social media platforms, stated that BTC experienced its last dip ever, alluding to the fact that the weekly chart of BTC is demonstrating a clear bottom-like trend.

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