There is no let-up in the pressure on Bitcoin, yet it has managed to stay near the $62,500 support line. From what CryptoJack is seeing, a hold at this point may well be followed by a recovery to $67,300.<\/p>\n
It is now Saturday evening in Dubai and the price is sitting just above that key $62,500 mark. But should it slip below, the way is clear for more downside to the $57,200 area. Traders have their eyes on this; a break could mean a quick sell-off.<\/p>\n
Holding above $62,500 is what will keep the market from any kind of panic. On the other hand, if the bears get the upper hand and drive it to $57,200, we are looking at roughly $9.2 billion in short positions being wiped out, according to the numbers on the CryptoJack channel.<\/p>\n
According to CryptoJack, a $62,500 floor for Bitcoin is key; should the price hold and make a comeback from there, an advance to the $67,300 resistance level would be in order. The case for a more aggressive bull run is made if we see $72,600, which would put some $4 billion in shorts to the sword. That kind of liquidation can spur additional gains.<\/p>\n
The numbers in this week\u2019s episode tell a story as well. There is a precedent for it: when you look at the MACD or RSI going into oversold, Bitcoin has a habit of making a base and then heading higher. It is not hard to see how the present market conditions could be priming us for one of those upturns.<\/p>\n
The author put a limit buy on Bitcoin at $46,000 out in the open on UBIT, with an eye on the $40,000 to $50,000 band should the bears make their move. It is a kind of prudence you see from some in this market when things get volatile.<\/p>\n
Then there is the case of Ethereum. CryptoJack has pointed out that a wave of ill will for ETH on social media can be a precursor to a run-up in price. It goes to show that one has to pay as much attention to the mood of the room as to the numbers on a chart.<\/p>\n
Source \u2014 CryptoJack: https:\/\/www.youtube.com\/watch?v=iXbK4jN6AZI<\/a><\/em><\/p>\n <\/p>\n Stay ahead of market shifts by honing your skills risk-free with our crypto trading simulator. Practice with trading simulator<\/a>.<\/p>\n <\/p>\n