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Be it the consensus effect or not, Bitcoin (BTC) is now well above $ 7,000. At the time of writing this article, BTC has finally reached $ 7,400, a level that many see as a short-term resistance. Let's see what analysts are thinking right now.
Related reading: Despite the return of crypto, a prominent investor does not expect Ethereum 2.0 until 2021
Analysts weigh on the Bitcoin movement
Prices are changing so quickly that market analysts are constantly enjoying themselves. But according to recent comments (which may not be relevant in a few hours), bitcoin could be top local.
The Crypto Dog notes that, according to him, the cryptocurrency market is going to be at the top right. In an explanation tweet, Crypto Dog pointed out that, while price action is undoubtedly bullish from the bird's point of view, the BTC map suggests that a local spike is forming.
The analyst did not explain all of this in detail, but he explained that BTC is currently facing a zone of resistance (in gray below). In addition, the dish to which BTC adheres for a few weeks is about to become vertical, which means that a withdrawal is possible.
I think we are about to do the best.$ BTC $ BTCUSD #Bitcoin pic.twitter.com/AyRZhFhBdz
– The crypto dog (@TheCryptoDog) May 11, 2019
Others subscribed to the Crypto Dog analysis. Trader Cantering Clark explains that, while the current move seems "incredibly bullish," BTC is still under resistance and is far above its 20-week moving average. According to Clark, the 20-week moving average has and will likely continue to act as a Bollinger band in the center of Bitcoins, which means it is likely to move closer to that level in the near future.
1 / n-I am 90% risk at this point, with a spot that is still intact for insurance purposes. While this sounds unbelievable to me, I can not dissociate my best faculties of reasoning thinking that we will come back to the mean at some point in the near future. $ btc pic.twitter.com/A0pvJlVUHY
– Cantering Clark (@CanteringClark) May 11, 2019
He explains that in the current state of things, BTC is "three good standard deviations from the norm", this trend is fueled by short-circuits retail. This suggests that Bitcoin may soon see a retracement, returning to more organic and more sustainable levels as buying pressure slows in the coming weeks.
Room To Run?
Some argued, however, that Bitcoin still had room to function. In a recent tweet, Anderson postulated that BTC's parable extended even higher. He explains that if the stars line up, Bitcoin will probably establish a short-term base of between $ 6,000 and $ 7,000, before moving to $ 8,000 or more.
$ BTC Are we parabolic?
The parabolic top has been my main vision for some time now. The parabolic curves are delicate. So be careful because it will have a deep return$ BTC has already done a great job, but the higher the stretch is, the better it is for Bulls#Bitcoin #BTC pic.twitter.com/FaxekEigVC
– Mr. Anderson (@TrueCrypto28) May 11, 2019
The fact is that this current rally is largely motivated by those already in the cryptocurrency, not by those who are not involved in the crypto industry. As Joseph Young of NewsBTC postulates on Twitter, "the money in the crypto market [is] come back because of the overall growth of confidence / comfort. "
Google Statistics will confirm it. Popular researcher Alex Kruger explains that the volume of the search term "Bitcoin" is still at its lowest, as the interest seems to represent 10% of what was at the top of 20,000 dollars of BTC at the end of December 2017 .
Featured image of Shutterstock
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