The Numbers of Bitcoin Transacted by the Venezuelan Locals is Growing

Maheen Hernandez By Maheen Hernandez July 24, 2019 0
crypto venezuela

The downside momentum of Bitcoin and other Altcoins are gaining traction and are approaching critical levels.  A full-fledged recovery was attempted, but Bitcoin and major Altcoins failed to take Bitcoin above the essential standards of resistance.

BTC fell below crucial support above $10,000, and it might likely suffer a more profound decline considering the price and volume analysis for the token.  The bears are expected to dominate the price trends in the short term. 

A bearish volume divergence has been noted on a 12-hour chart on July 21, 2019.  The bearish volume divergence occurs when the trading volumes decline, thereby creating lower highs as opposed to creating higher lows on the price chart.

A “dead cat bounce” is a temporary recovery caused due to profit-taking by unwinding the shorts. There might be a brief recovery in price due to the dead cat bounce.

At the psychological $10,000, the downside might gain traction, and new buyers will pop in to stop the decline.  The bearish potential will push the price towards $9,400, which is the lower line of the 1-day Bollinger band.)  For the upside to gain traction, there should be a sustainable move above the $10,450 through $10,500 area.  

Venezuela has set a new Bitcoin volume due to inflation. Citizens of Venezuela are resorting to alternative means of storing value to restore their value.  A United States nonprofit declared Petro to be a failure.  While the official alternative of the country is a failure, the numbers of Bitcoin transacted by the locals is growing.

Bitcoin price dropping below the psychological support level of $10,000 is not the end of the road for the token.  The asset continues with a strong bullish bias.

The reversal of the price of the Bitcoin from $11,000 on Saturday was a kind of a bull trap.  Bull trap technically is a false signal which prompts traders to act on a wrong buy signal, eventually generating a loss on the resultant long positions.

Jacob Canfield tweeted:  “Possible $10k gets front-run, but the demand zone is strong. Still a bull market, but a break and close of $9500 will convince me we may visit $8200-8500 zone.” Bulls have to do a lot of work to restart the price uptrend.

Among the price steers it has been declared by Justin Sun that he will be rescheduling his lunch with Warren Buffet for medical reasons.  The date is unspecified.