The price of Bitcoin dropped to as low as $8,900 on May 21 following a strong rejection of the $9,800 level. Traders say BTC’s breakdown from the $9,200 support level may lead to a renewed downtrend, according to cointelegraph.
Bitcoin trader TraderXO, who predicted a fall to $7,700 as early as last week, said BTC is showing a typical lower high set up and is at risk of a rapid correction to below $8,000.
But we at CoinKhabar thinks just the opposite, we believe it’s the perfect time to moon although it may not happen immediately.
The confluence of heavy resistance in the $10,000 to $10,500 range and the lack of support in between $7,700 to $9,000 increases the probability of a BTC price drop to the $7,000 zone.
The Crypto Lark from New Zealand has good analysis on the road ahead you may like to watch on that is inclined with our vision ahead.