Crypto

Traders Say Bitcoin’s Fall to $ 57,000 is an “Attractive Entry” for Hodlers | Cryptocurrency

The price of Bitcoin fell below the $ 57,000 level on November 18, prompting a sell off of ETH and altcoins. But dealers say the current lineup presents an “attractive entry” for hodlers.

The price of Bitcoin (BTC) fell to new lows on November 18, and the brief visit to the $ 56,000 level caused Ether (ETH) and altcoins to drop sharply.

Data from Cointelegraph Markets Pro and TradingView shows that the support at $ 60,000 was broken at the beginning of the trading session in the US, allowing traders to briefly take control of the market.

BTC / USDT 4-hour chart. Source: TradingView

Here’s what analysts have to say about today’s price movement and whether traders should be concerned about a further drop.

Major withdrawals “will be relatively brief”

According to a recent report by cryptocurrency research firm Delphi Digital, “The initial sale was driven in large part by a wave of sell-offs rather than a fundamental shift in narrative,” suggesting that this withdrawal may be of short duration. and potentially “presents an attractive entry point” for traders looking to gain more exposure to the market.

1637285230 39 Traders say Bitcoin is down to 57

BTC / USD short-term technical outlook. Source: Digital Delphi

Delphi Digital noted that while there was a significant amount of deleveraging in the market over the past week, this did not help prevent the general spike in “global sell-offs on major stock exchanges coinciding with every significant price drop.”

As for what’s coming next for BTC, Delphi Digital sees the possibility of a drop to $ 55,000 “if selling pressure continues to force BTC below $ 57,750”, but analysts have also suggested that any “any withdrawals it will be relatively short. “

Delphi Digital said:

If BTC takes another lower leg, it could create an even more attractive entry for those with a long-term conviction looking to accumulate.

The company also expressed similar sentiments regarding Ether’s price action, which briefly fell below $ 4,000 in early November 18. Delphi Digital noted that Ether is trying to convert a long-term resistance level established in May into support, suggesting that if it does, ETH “will appear ready for the continuation of the uptrend.”

1637285231954 Traders say Bitcoin fell to 57

Main support and resistance levels for Ether. Source: Digital Delphi

Delphi Digital said:

If price support gives way, traders’ hope would shift to a possible retest and bounce off the upper trend line established from the May 2021 high to the September 2021 high.

Long-term headlines can sleep easy

Pseudonymous Twitter analyst and options trader “John Wick” provided a more detailed analysis of the price of Bitcoin, who posted the following tweet highlighting that even seasoned traders care about price action.

The price drop has seriously challenged the lower bound of the current support zone as “the odds are starting to pile up against its holding”, which Wick pointed out is actually just a problem for short-term traders. And that long-term hodlers shouldn’t be too concerned about this kind of price action.

Ether still maintains a bull market structure

Regarding Ether, market analyst and pseudonymous Twitter user “Pentoshi” posted the following chart highlighting the break below the previous ascending channel and a retest of the level of support and resistance found at its previous highs.

Traders say Bitcoin fell to 57

ETH / USD 1-day chart. Source: Twitter

While some market traders saw this as a worrisome turn of events, Pentoshi sees the move as a positive development as it is “one of the things in the market that always has a bull market structure.”

Pentoshi, however, offered a few words of warning, saying:

What you don’t want to see is going back to those points when closing.

The total cryptocurrency market capitalization is now $ 2.508 billion and Bitcoin’s dominance rate is 43.4%.

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