{"id":369210,"date":"2021-11-19T02:15:00","date_gmt":"2021-11-18T23:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/traders-say-bitcoins-drop-to-57k-is-an-attractive-entry-for-hodlers\/"},"modified":"2021-11-19T02:15:00","modified_gmt":"2021-11-18T23:15:00","slug":"traders-say-bitcoins-drop-to-57k-is-an-attractive-entry-for-hodlers","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/traders-say-bitcoins-drop-to-57k-is-an-attractive-entry-for-hodlers\/","title":{"rendered":"# Traders say Bitcoin\u2019s drop to $57K is an \u2018attractive entry\u2019 for hodlers"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4020adedb07\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4020adedb07\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/traders-say-bitcoins-drop-to-57k-is-an-attractive-entry-for-hodlers\/#Major_drawdowns_%E2%80%9Cwill_be_relatively_short-lived%E2%80%9D\" >Major drawdowns \u201cwill be relatively short-lived\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/traders-say-bitcoins-drop-to-57k-is-an-attractive-entry-for-hodlers\/#Long-term_holders_can_rest_easy\" >Long-term holders can rest easy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/traders-say-bitcoins-drop-to-57k-is-an-attractive-entry-for-hodlers\/#Ether_is_still_holding_a_bullish_market_structure\" >Ether is still holding a bullish market structure<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Traders say Bitcoin\u2019s drop to $57K is an \u2018attractive entry\u2019 for hodlers <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The price of Bitcoin (BTC) dropped to fresh lows on Nov. 18, and the brief visit to the $56,000 level resulted in a sharp sell-off in Ether (ETH) and altcoins.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that support at $60,000 was breached early on in the United States trading session, and this allowed bears to briefly take control of the market. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/245c7185-aa61-45d9-8114-ac2e3d4ebffd.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s what analysts have to say about the day\u2019s price action and whether or not traders should be concerned about additional downside. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_drawdowns_%E2%80%9Cwill_be_relatively_short-lived%E2%80%9D\"><\/span>Major drawdowns \u201cwill be relatively short-lived\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to a recent report from cryptocurrency research firm Delphi Digital, \u201cThe initial sell-off was largely driven by a wave of liquidations rather than a fundamental shift in narrative,\u201d which suggests that there is a possibility that this pullback will be short-lived and potentially \u201cpresents an attractive entry point\u201d for traders looking to gain more market exposure. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/474934f2-258f-49b1-8f5b-772cbd85439b.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD short-term technical outlook. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n<p>Delphi Digital highlighted that while there had been a significant amount of deleveraging seen across the market over the past week, it didn\u2019t help prevent the overall increase in \u201caggregate liquidations across major exchanges coinciding with each sizable price dip.\u201d<\/p>\n<p>As for what comes next for BTC, Delphi Digital sees the possibility of a dip to $55,000 \u201cif continued selling pressure forces BTC below $57,750,\u201d but the analysts also suggested that any \u201cany drawdown will be relatively short-lived.\u201d <\/p>\n<p>Delphi Digital said:<\/p>\n<blockquote><p>\u201cIf BTC takes another leg lower it could set up an even more attractive entry for those with long-term conviction looking to accumulate.\u201d<\/p><\/blockquote>\n<p>The firm also expressed similar sentiments in regard to the price action of Ether,\u00a0which briefly fell below $4,000 earlier on Nov. 18. Delphi Digital highlighted the fact that Ether is attempting to flip a long-term resistance level established back in May into support, suggesting that if it manages to do so, ETH will \u201clook primed for trend continuation to the upside.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/0b26767f-8777-46fe-bd85-61ee5c630789.png\"><figcaption style=\"text-align: center;\"><em>Major support and resistance levels for Ether. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n<p>Delphi Digital said:<\/p>\n<blockquote><p>\u201cIf price support gives way, the hope for bulls would shift to a possible retest and bounce off the upper trend line established from the May 2021 top to the Sep. 2021 high.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Long-term_holders_can_rest_easy\"><\/span>Long-term holders can rest easy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Further analysis on Bitcoin\u2019s price was provided by options trader and pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> analyst \u201cJohn Wick,\u201d who posted the following tweet highlighting the fact that even experienced traders are finding themselves concerned by Nov. 18\u2019s price action. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <\/p>\n<p>We are really trying hard to hold that support zone I&#8217;ve had up. NGL I&#8217;m not too h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>y to see that red bar<\/p>\n<p>Does not mean we fail the support 100%, but it is telling us the probabilities are starting to stack against it holding<\/p>\n<p>If you&#8217;re long term this shouldnt bother you <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/D4EvI8RcnD\">pic.twitter.com\/D4EvI8RcnD<\/a><\/p>\n<p>\u2014 John Wick (@ZeroHedge_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ZeroHedge_\/status\/1461390121392029699?ref_src=twsrc%5Etfw\">November 18, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The dip in price seriously challenged the lower bound of the current support zone, as \u201cprobabilities are starting to stack against it holding,\u201d which Wick pointed out is really only an issue for short-term traders and that long-term hodlers shouldn\u2019t be too concerned by this type of price action. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin falls to a 1-month low after a 6% dive drops BTC price to $56.6K<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ether_is_still_holding_a_bullish_market_structure\"><\/span>Ether is still holding a bullish market structure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As far as Ether is concerned, market analyst and pseudonymous Twitter user \u201cPentoshi\u201d\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1461387026947784707\">posted<\/a> the following chart highlighting the break below the previous ascending channel and retest of the support and resistance level found at its previous all-time highs. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/ecdc9021-b252-47c8-93e9-262c1396a397.jpg\"><figcaption style=\"text-align: center;\"><em>ETH\/USD 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>While some traders in the market have taken this as an ominous turn of events, Pentoshi sees the move as a positive development because it \u201cis one of the things in the market still with bullish market structure.\u201d<\/p>\n<p>Pentoshi, however, did offer a few words of caution,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1461404233987727369\">saying<\/a>:<\/p>\n<blockquote><p>\u201cWhat you don\u2019t want to see is it going back under those ath\u2019s on a closing basis.\u201d<\/p><\/blockquote>\n<p>The overall cryptocurrency market capitalization now stands at $2.508 trillion, and Bitcoin\u2019s dominance rate is 43.4%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/traders-say-bitcoin-s-drop-to-57k-is-an-attractive-entry-for-hodlers\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Traders say Bitcoin\u2019s drop to $57K is an \u2018attractive entry\u2019 for hodlers &#8221; The price of Bitcoin (BTC) dropped to fresh lows on Nov. 18, and the brief visit to the $56,000 level resulted in a sharp sell-off in Ether (ETH) and altcoins. Data from Cointelegraph Markets Pro and TradingView shows that support at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":369212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvYjc0NWJhZmQtOTc0OC00MjFhLThiMDAtMjYxMmRmZGU3ZDQ2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,82402,74891,75150,105688,73785],"class_list":["post-369210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-ether-price","tag-ethereum","tag-market-update","tag-markets-pro","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/369210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=369210"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/369210\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/369212"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=369210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=369210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=369210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}