This Top Cryptocurrency Trader Is Buying More as Bitcoin Price Drops Below $10,000

Libra Coin News
Wed, 08/21/2019 - 15:14
Alex Dovbnya
Bitcoin’s failure to surge above $11,000 might be discouraging for the bulls, but top traders see its recent drop as yet another buying opportunity
Cover image via www.123rf.com
Contents

The Bitcoin price has recently dipped below the psychologically important level of $10,000 with the whole cryptocurrency market turning into all-out bloodshed.

However, Alex Krüger, one of the most popular crypto traders, remained unfazed by that drop, and it has to do with more than just resilience.

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A major buying opportunity

As Krüger points out, the Bitcoin price registered a local bottom above its 100-day moving average (100DMA) of $9881.5 with a razor-thin edge. He further claims that the fact that Bitcoin “dropped like a rock” without any news that would justify this dramatic move could be a good indicator to buy more.

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Bitcoin annihilates altcoins

Despite the recent drop, Bitcoin’s market share continues to increase. According to another trading expert Jacob Canfield, this is most certainly bad news for altcoins that have been largely struggling throughout the year.

Notably, Canfield also believes that Bitcoin’s ideal “buy zone” is at  $8900-$9100, but tanking BTC to that price level might be too big of a feat for the bears.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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