Following the cryptocurrency market’s recent plunge that occurred when Bitcoin failed to stabilize above the $4,000 price level, the crypto markets have seen further instability, with many altcoins continuing to drop today.
Now, the markets, and Bitcoin in particular, appear to be forming fresh trading ranges that could be highly profitable for risk tolerant traders who play them correctly.
Macro: Bitcoin Likely to Range Between $3,000 and $5,000
Last weekend, Bitcoin’s price rapidly shot to $4,000, a price level that acted as support for several days before the bulls lost their strength and bears pushed the markets back down towards their current levels.
Although at the time $4,000 appeared to be an important price level for the cryptocurrency, one prominent analyst dismissed this notion and claimed that Bitcoin is actually caught in a wide trading range between $3,000 and $5,000, with both prices acting as important support and resistance levels.
“Even though $4,000 is a…
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