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"Terribly similar": a troubled Bitcoin trader could collapse
Although badysts have been surprisingly happy in recent days, some have kept a cool head. Amarok, a crypto-centric graphic designer, recently sent a warning to his investors via Twitter about Bitcoin's short-term prospects.
He drew attention to the price action of the BTC from mid-December to mid-January. Meanwhile, the main cryptocurrency traded in a Fibonacci range of $ 3,564 to $ 4,241. Although this is not remarkable in itself, the badet has not exceeded its 0.786 Fibonacci ($ 4,096) before falling dramatically, all because of a trading activity somewhat down.
While the current chart is far from identical to zero impurity, BTC has recently failed to exceed its 0.786 Fibonacci rate ($ 4,072 – do you see the similarities?). Again, all of this has been underlined by a somewhat declining trading activity.
Amarok seems to imply that BTC could soon trade close to its 0.0 Fibonacci at $ 3,640, placing cryptocurrency below the still-important support level of $ 3,900.
He is not alone in keeping his head on a pivot, especially since many are certain that Bitcoin, which establishes new low levels, is not an option. Crypto Krillin recently explained that it is very likely that the "moment of truth" for BTC is very close.
To support his idea of star alignment, Krillin is interested in a long-term downtrend trend line from the top of the 2017 bubble, to a long-term triangle that has compressed BTC in 2018 and an upward trend recently reported by Galaxy. While so many lines converge, Krillin notices that there are two possible scenarios: BTC crosses the Ichimoku cloud at $ 5,500, or falls to $ 3,000, selling pressure preventing it from breaking the lines above.
"Confluence"
The moment of truth for Bitcoin is very close.
We fly directly through the cloud until 5500 or we visit 3000. I lean up. pic.twitter.com/15a9QWXpKK– Crypto Krillin (@LSDinmycoffee) March 23, 2019
Dynamic, cheerful, optimistic
Although the cards are surely on the table for Bitcoin to return to its lows of 12 months, others have been a little more cheerful. Bitmex's Arthur Hayes, for example, recently released his latest issue of the "Trader Digest," a prank and prank joke, which painted an optimistic picture for this nascent market.
Hayes, infamous for asking Bitcoin to touch $ 50,000 at one point (no, multiply points) in early 2018, said BTC was likely to regain its former glory next year. The former Wall Street trader, hit by the Great Recession of 2008, commented on the Bitcoin Road up to $ 10,000.
As previously reported by this point of sale, the managing director of BitMEX, who recently proclaimed that "winter is not over yet," noted that a sum of $ 10,000 by the end of the year was not improbable.
He wrote that even though the markets will be "intense," Bitcoin will return to $ 10,000 – a "very important psychological barrier." Hayes even calls on CNBC's Melissa Lee, who lobbied the industry's CEO for several predictions, in an attempt to cement the veracity of her statement.
But will that happen? May be…
Photo of Jakub Kriz on Unsplash
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