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YouTube's largest cryptography analyst estimates that Bitcoin will earn about $ 6,000 before the next significant drop. Nicholas Merten (aka DataDash) told its 313,000 subscribers that it was bullish in the near term, largely because BTC's recent sales volume was not up to the buying activity that it had reported more than $ 5,000 at the beginning of the month.
"What I like is that, even though we had a pretty strong sale here, we can see it, as far as it was a fairly regular number of sales actions in the sense of the price, at least on liquid exchanges like Coinbase. , Bitstamp, Gemini, name it, was far from the shopping activity we had these two days. So it's really good to see that the market does not reach that level. In fact, we were able to recover and the actual closing was over $ 5,000, and we continued to recover some of those losses. "
Merten said he thought persistent speculation could bring the BTC to $ 6,000 in two weeks or less.
"What is the deadline to reach the $ 6,000? … I think it could be by the end of the month." With the kind of momentum that is building – the fact that we held $ 5,000, this a huge level of earnings, and we do not even go down to repeat the 200-day test, which tells me two things: it tells me that there is short-term confidence, there is risk-taking in the short term. at the same time, it's going to run out, we're providing some rough support, if you can look at the RSI, we're basically providing support for the overbought range, and for me it tells me that in the short term speculation will continue . "
Due to the prolonged rebound in the psychological barrier of USD 6,000 per Bitcoin over most of 2018, Merten believes this line will be extremely difficult to break for bulls in the short term. Merten bets on Bitcoin plunging to a third low in the next two months.
"I do not think we'll take enough risks, especially considering not only the speed of the rally, but also the fundamental market situation, to exceed $ 6,000. I know a lot of people want it, honestly, I do not see it happen …
As we all know, the former resistance tends to become a new support and the previous support tends to become a new resistance. It was a year of support, which is not good news for the bulls. It will be very difficult to test beyond this range. So I think we're going to get about $ 5,800, $ 6,000, and then we go down and set a third low, maybe in this case between $ 3,700 and $ 3,800 in May or June of this year. Case.
Again, anyway, I hope it will come back on the support line or that the previous resistance is maintained. The idea of buying here also suits me perfectly, if we even return to this hotline around $ 4,200. "
At present, the crypto markets are mainly in the red. Bitcoin is down 0.81% to $ 5,074. Ethereum is down 4.88% to $ 155, and XRP down 1.49% to $ 0.3222.
Omkar Godbole, Technical Analyst at CoinDesk, says the 14-day Bitcoin RSI says BTC is extremely overbought and suggests a pullback to $ 4,912, then $ 4,527 could be at stake.
Overall, analysts who trace Bitcoin, Ethereum, XRP and Litecoin are at a crossroads on the next stage of the market.
Bitcoin
CoinDesk – Three reasons why the Bitcoin price rally stagnated
NewsBTC – The price of the BTC loan for gains with a rising bullish sentiment
FXStreet – Bitcoin price sandwiched between strong support and areas of resistance
Ethereum
Blockonomi – ETH is expected to face strong resistance in the range of $ 173.50
CryptoPotato – The decrease in the volume of transactions indicates a significant movement in the approach
FXStreet – ETH / USD remains above 100 SMA
XRP
Live Bitcoin News – XRP reports bullish break above $ 0.3500
CryptoGlobe – The short-term trend varies, with the downtrend in the medium term
Blockonomi – XRP price showing positive signs of earnings up to $ 0.3400
litecoin
Ethereum World News – Next upside for Litecoin
FXStreet – LTC / USD locked in range as trend loses traction
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