Bittime - Crypto analysts from 10xResearch issued a warning to investors to be wary of a potential false breakout in Bitcoin price. This warning was conveyed via a tweet on their X (Twitter) platform.
What is a False Breakout
False breakout, in the stock or crypto market, is a term used when the price of an asset moves as if it is going to break through a certain support or resistance level, but then reverses direction quickly and does not continue the movement in the direction of the breakout.
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Relative Strength Indicator
According to 10xResearch, investors need to pay close attention to Bitcoin price movements because the relative strength indicator has fallen back to the 40% level. A decline in this indicator has occurred previously on three occasions in early 2023, and is often followed by attempts at rallies or short-term price increases.
New "Borderline".
10xResearch also redraws the “borderline” between bullish (up) and bearish (down) trends for Bitcoin. They stated that the previous "border line" that made them bearish (pessimistic) was at the level of $68,300.
Considering the relative strength indicators and recent price movements, 10xResearch is signaling that they may change their view on Bitcoin.
Also Read: Understanding Support and Resistance: The Key to Successful Crypto Asset Trading
10xResearch Outlook for 2024
10xResearch admitted that they had a bearish (pessimistic) view of Bitcoin in January 2024. However, this view then changed to bullish (optimistic) on January 26, 2024.
This change in view is based on their expectations that inflation will continue to decline and the dovish (accommodative) stance of the Federal Reserve or the United States central bank will continue.
Also Read How to Buy Crypto:
Potential Hazard Warning
Although predictions of lower inflation and a dovish Federal Reserve stance did not materialize, 10xResearch reminds investors that the current situation could be very different. Changes in macroeconomic conditions that do not match predictions can have a negative impact on Bitcoin prices. Therefore, 10xResearch emphasizes the importance of in-depth analysis to understand Bitcoin price movements going forward.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Bitcoin Correction: Bitcoin Price Approaching Crucial Level?
Buy BTC: Wary of Bitcoin Price Correction Amid Market Euphoria?
Bitcoin: Consolidation, Important Support, and Threat of Breakdown Below $58,000
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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