We’re looking at $14,000 for Bitcoin’s next critical support
The current volatility in the crypto market continues to shake confidence and promote key currencies busting through critical support values. Currently, Bitcoin is hovering dangerously close to a US$20,000 support level. If it breaks through that, we could see it drop to the next support level of $14,000 quickly.
“Risk remains elevated given the recency of the major breakdown below $27.2K, with intermediate- and long-term momentum still strongly negative.” Fairlead Strategies founder and managing partner Katie Stockton, said in an article on Kitco.
The next number that Stockton and other are watching is between $18,300 and $19,500. If Bitcoin should fall beyond those, it will most likely move down further, to $14,000.
In addition to the price supports, Stockton told people they should strap in for the volatility to persist for some time to come. “Bitcoin is newly long-term oversold per the monthly stochastics, but it will likely take several months for a long-term oversold ‘buy’ signal to register,” Stockton said.
“… Like bitcoin, Ether is newly oversold from a long-term perspective, but a fairly recent bearish shift in long-term momentum supports an extended downtrend.”