Bitcoin Price Prediction Up in the Air As Intraday Whipsaw Liquidates Positions
The now disproved news of Walmart’s listing of Litecoin on its e-commerce platforms led to a quick intraday whip strike on several cryptos, including Bitcoin. Many liquidations took place as traders caught by the fake news regretted their losses.
In a now familiar fake news pump-dump cycle, Bitcoin prices shot up nearly $ 2,000 from intraday lows, but were forced to return all of those gains and a little more after Walmart issued a statement saying in which the rumored Litecoin partnership was refuted.
This scenario leaves no bullish Bitcoin price forecast in the air as Bitcoin prices continue to seek sustained support below the $ 46,200 price mark.
At the time of writing, Bitcoin prices are staying 3.4% lower and trading within the range formed by 43570 and 46200.
Bitcoin price prediction
If the price picture ended the day as shown, a bearish engulfing pattern would have formed. This opens the door for bears to secure support at 43570 with the aim of restoring a correction towards the 40750 and 37,455 price levels if that price mark does not hold.
Conversely, just breaking the upper limit of Monday’s intraday range at 46200 would change the bearish outlook for the Bitcoin price forecast. Bulls would then attempt to push prices above 47,500, which opens the door to psychological resistance at 50,000.
Bitcoin price: daily chart