\nA reversal from the downsloping resistance suggests the BTC price correction hit $25000; should you exit?\t\t\t\t<\/p>\n
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The ongoing correction trend in BTC price<\/a> can be followed using a downsloping trendline which started its journey in mid-July. On October 8th, the coin price witnessed its latest reversal from the dynamic resistance which also poured additional supply pressure in the crypto market. This newfound correction breaking below the $27000 mark indicates the current downfall could extend to the $25000 mark.<\/span><\/p>\n <\/p>\n Also Read: Odds Of Spot Bitcoin ETF Approval By US SEC Rises Above 90%: Bloomberg<\/a><\/p>\n On October 8th, the Bitcoin price<\/a> showcased its 4th reversal from the overhead resistance trendline which led to a 4% drop to the current trading price of 26,969. As per previous records, each rejection from this dynamic resistance has led to a significant downfall in the coin\u2019s market value.\u00a0<\/span><\/p>\n Amid the ongoing downfall, the BTC price has recently breached the combined support of a new emerging ascending trendline and the 200-day EMA slope on October 11th. This breakdown offers sellers an additional barrier to pressurize traders to lower levels.\u00a0<\/span><\/p>\n<\/blockquote>\n If the coin shows sustainability below the pierced support, the sellers may drive the prices 7.5% down to hit the $25,000 psychological level. This support preventing BTC price from major correction for the last seven months indicates a high accumulation zone for investors.<\/span><\/p>\n In a recent tweet<\/a> from a renowned crypto analyst @thescalpingpro, the largest cryptocurrency Bitcoin provided two buying opportunities in response to the halving events. During the bear market, the first presents itself approximately 500 days before the Halving event, while the second comes around 180 days before this significant milestone. <\/span><\/p>\n <\/p>\n What\u2019s intriguing is that the price during the second dip has never fallen below that of the first buying opportunity. These opportunities, consistently occurring before the halving event, have proven to yield impressive returns<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nIs BTC Price Heading to $25000?<\/b><\/h2>\n
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Source-<\/span>Tradingview<\/span><\/p>\n\n
Crypto Analyst Highlights Buying Opportunity<\/b><\/h2>\n
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