Bitcoin (BTC), On The Verge of Losing A Critical Support Level
Key Points: According to the analyst, BTC needs to close more than $22,692 to maintain its technical advancement.
BTC is close to losing its multi-week higher low (green), after rejecting $23,400 resistance.
Bitcoin held the trendline well on February 8, but the price wicked lower the next day.
A well-known crypto analyst believes that Bitcoin (BTC), the king cryptocurrency, is at the edge of losing a crucial support level. According to Rek Capital, Bitcoin held the trendline on February 8, but prices dropped the next day. BTC must close above the green Higher Low daily in order to maintain its technical uptrend. However, the trader believes that it is too early to lose hope and that Bitcoin could still rise into its bull zone. He said that BTC is on the verge to lose its multi-week Higher Low (green), after it rejected the $23,400 resistance level.
BTC could recover into the green triangle at this stage and still have this price action print to its downside. This Higher Low is the one you should be watching.
Bitcoin trades at $21,919 as of this writing. The trader also gives insight into the psychology behind cryptocurrency trading. Dopamine is released in the brain after a successful trade and causes the desire to repeat it. You can resist this urge.
Let the excitement of winning die down. Give yourself enough time to allow your neurological chemistry back to baseline.
The trader then warns crypto-conscious individuals about the dangers associated with trading based on fear of missing out (FOMO).
FOMO is a condition that you feel overwhelmed by the amount of ammo you have to FOMO on green days. Choose a red day if you have to FOMO.
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