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YouTube's largest analyst of crypto-analysis has announced plans to sell part of its bitcoin, with the first cryptocurrency reaching $ 6,000.
Nicholas Merten (aka DataDash) says it is likely that crypto-whales containing large amounts of BTC will sell around the psychological figure of $ 6,000, in hopes of lowering the price before buying back.
"I think we're probably going to get about $ 6,100 or $ 6,160 Something about out there that makes people go," Oh my god. The market is breaking. I missed it.
[That happens] because he simply rose above that level. And I can tell you all, the people who run these markets, know that people are looking for these kinds of things. They know they can attract people to FOMO and, in this case, they will start dumping at this level. Just to pinch a few hundred extra dollars from the market, right? This is what some of these players do. For them, it can mean millions of dollars.
Personally, I would say it's the margin here, around $ 5,900, for which I'm starting to take short-term profits. Now, why do I take them? Because the losses suffered here from November to December were dramatic. I really think the $ 6,000 resistance is a huge level of resistance. It will not increase further. My risk of rewarding the ration at this stage? Not too good. In fact, I might be risking a lot of the profits I've made since the end of 2018 or at least some of those losses. I could rewind them again.
So, what I want to do is lock this up, see how he holds $ 6,000 and really – if we start getting $ 6,000 support – I would think of coming back. But you probably will not see this gathering as much because if you take a look at RSI, the RSI is overused, not to mention the prices – I do not think anyone notices it – are about to double the price almost. So if we go to $ 6,200, we will have a 100% return on lows here, practically speaking. It is quite substantial and usually requires correction. "
Merten says he believes that in the late summer or early September, Bitcoin will reach a triple bottom at around $ 4,200, turning the previous resistance into support and forming a bullish pattern.
At present, Bitcoin is in the green and many altcoins are starting to turn red.
BTC is up 3.39% to $ 5,871, according to Coin360. Ethereum is down 1.04% to $ 171.95 and XRP is down 0.23% to $ 0.2993.
Technical analysts generally read the tea leaves and claim that Bitcoin faces a number of obstacles when it climbs above $ 6,000.
Bitcoin
CoinDesk – Bulls must be cautious, 3-day chart shows bearish divergence
FXStreet – Technically, the bitcoin path of least resistance is lateral upwards
NewsBTC – The price increase in Bitcoin reaches the inflection point, key of $ 6.1 K and $ 6.8 K
Ethereum
FXStreet – obstinate barrier of ETH / USD up to $ 200
NullTX – The next target for ETH is at $ 187.16 high
Live Bitcoin News – Bulls likely to defend the support zone at $ 170
XRP
FXStreet – XRP / USD bullish flag pattern suggests an escape
NewsBTC – The XRP is facing strong resistance near the 0.3040 and 0.3050 dollar levels
litecoin
Captain Altcoin – LTC feeds the rocket before August, cut in half
FXStreet – LTC / USD bulls must capitalize now on bullish flag structure
Bitcoin Cash, EOS, Binance Coin, Stellar, Cardano, Tron
Cointelegraph – BTC, ETH, XRP, BCH, LTC, EOS, NBB, XLM, ADA, TRX Price Analysis
NewsBTC – Bitcoin Cash, EOS, ADA, TRX analyzes as the cryptography market approaches $ 200 billion
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