Bitcoin can still hit $19K, warns trader ahead of BTC price ‘big move’

” So we have a double top rejection presently on BTC, so we need to actually make a note of levels incase we drop,” popular trader Crypto Tony warned Twitter fans in fresh analysis of the 3-day chart. Source: Crypto Tony/TwitterFellow trader and analyst Nebraskan Gooner admitted that downward BTC rate action “appears likely,” keeping in mind that BTC/USD had sunk below the narrow variety in play for the previous month. Others were prepared and waiting for volatility to reenter the market, but would not be drawn on whether Bitcoin would eventually break out or break down to test levels from earlier in the year.Among them was popular trader and expert Toni Ghinea, who envisaged a make-or-break decision for the recent narrow price variety in the coming week. The case for Bitcoin kids booksThis post does not include investment recommendations or suggestions.

” So we have a double leading rejection currently on BTC, so we require to truly make a note of levels incase we drop,” popular trader Crypto Tony cautioned Twitter fans in fresh analysis of the 3-day chart. “Those two levels are $25,000 & & $20,000, and these are both crucial psychological levels. Make a note.” BTC/USD annotated chart. Source: Crypto Tony/TwitterFellow trader and expert Nebraskan Gooner confessed that down BTC cost action “promises,” keeping in mind that BTC/USD had actually sunk below the narrow range in play for the previous month. #BitcoinBelow range for a couple days now … Downside promises. pic.twitter.com/c59Z01kJpK— Nebraskangooner (@Nebraskangooner) July 22, 2023

Bitcoin (BTC) threatened fresh disadvantage over the weekend as markets gotten ready for the July 23 candle close.BTC/ USD 1-hour chart. Source: TradingView$ 19,000-$ 23,000 “still on the cards” for BitcoinData from Cointelegraph Markets Pro and TradingView showed acting listed below $30,000, now set as intraday resistance.July 22 saw a quick dip to $29,640 prior to a recovery in time for the everyday close, however traders stayed worried that worse was to come.https:// t.co/ GY0AgGbAnn– Crypto Chase (@Crypto_Chase) July 22, 2023

Others were all set and waiting for volatility to reenter the market, but would not be drawn on whether Bitcoin would eventually break out or break down to test levels from earlier in the year.Among them was popular trader and expert Toni Ghinea, who envisaged a make-or-break choice for the current narrow cost variety in the coming week. Play this level by level. The case for Bitcoin kids booksThis article does not contain investment recommendations or suggestions.

Other Questions People Ask

What does the trader mean when they say Bitcoin can still hit $19K ahead of a big move?

The trader suggests that Bitcoin is currently facing a critical moment, with the potential to drop to $19,000 due to a double top rejection pattern observed on the 3-day chart. This indicates that traders should be vigilant about key price levels, particularly the psychological thresholds of $25,000 and $20,000. If Bitcoin fails to maintain its position above these levels, a decline towards $19,000 becomes increasingly likely.

Why are traders concerned about Bitcoin hitting $19K?

Traders are concerned about Bitcoin potentially hitting $19K because recent market analysis indicates a downward trend in BTC price action. Fellow trader Nebraskan Gooner noted that Bitcoin has fallen below a narrow trading range that had been established over the past month, signaling increased bearish sentiment. This situation raises alarms about the possibility of further declines, making the $19,000 level a focal point for many analysts.

What key levels should traders monitor if Bitcoin approaches $19K?

Traders should closely monitor the levels of $25,000 and $20,000 as critical psychological barriers if Bitcoin approaches $19K. These levels are significant because they represent points where traders may either find support or face increased selling pressure. As highlighted by Crypto Tony, understanding these levels is essential for making informed trading decisions in the current volatile market.

How might Bitcoin's price action impact future trading strategies?

If Bitcoin approaches the $19K mark, traders may need to adjust their strategies based on market sentiment and technical indicators. The current analysis suggests that volatility could reenter the market, prompting traders to prepare for both breakout and breakdown scenarios. By staying alert to price movements and key levels, traders can better position themselves for potential opportunities or risks in the coming days.

What does the term 'double top rejection' mean in relation to Bitcoin's price?

A 'double top rejection' refers to a technical pattern where Bitcoin attempts to rise to a certain price level twice but fails to break through, indicating potential weakness in buying pressure. This pattern is significant as it often precedes a price decline, which is why traders are cautious about Bitcoin's ability to maintain its current levels. Understanding this pattern can help traders anticipate possible price movements and adjust their strategies accordingly.