Bitcoin Analyst Foresees Bearish Correction as Price Struggles Near $18.5K

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A surprise sell-off in the Bitcoin market on Sunday that crashed the price to $17,610 met with an equally strong buying wall. The cryptocurrency recover later, jumping above $18,500, a level it held as support before the weekend plunge. But to Marc Principato, Bitcoin really has not brushed aside its bearish risks. The Green Bridge Investing’s Executive Director contemplated the possibilities of more downside correction attempts as short term participants continue to watch $18,500 as a point of infection in the running uptrend. “Today’s move from the 18,770 high to the 17,600 low demonstrates how FAST selling activity can assert itself,” Mr. Principato wrote in a late-night Sunday note. “Even if today’s candle establishes a bullish pin bar, the risk at these levels for a SWING TRADE is still unreasonably high.” Bitcoin to $14K The “bullish pin bar” pointed to a long downside wick that Bitcoin formed amid its sell-off…

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