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Bitcoin Could See another drop
As Bitcoin (BTC) recently surpbaded the $ 5,000 in a move out of the left field, some are certain that the bears are over. Jonathan, a forex and cryptocurrency trader, however, recently explained that it would be unfair to badume that the bear market is over. In fact, in a recent Twitter post, he seemed to imply that proclaiming a downward trend was irresponsible.
There is a lot of self-congratulation / circle-jerks that "I" / "we" call the bottom of the bear market and the beginning of the new bull market. I'm sure it happened every $ BTC rally since January 2018. Most of them have made the same call, many times, in 2018. Should be the same result. pic.twitter.com/wzSzx3Onbc
– Jonathan (@ jcho710) April 6, 2019
He recently explained that this same cycle of optimists calling for the end of the bear after a short-term, emotion-causing outbreak has always been a disaster, based on the ups and downs of the bearish market. Bitcoin in 2018. But given the reliability of short-term hikes leading to a possible decline to new lows, Johnathan may have a point. Some technical indicators could also indicate that a downward movement is entering.
Nunya Bizniz recently wrote on Twitter that the last time Guppy, a week, Bitcoin, a technical indicator calculating moving averages to predict price trends, stood as such, the BTC rose to the top of its range before a last capitulation event, which crypto-currency lower than the apparent bottom. So, if history repeats itself, BTC will reach $ 5,600 in the coming weeks, before a quick sale that will bring back badets to under $ 3,000 for just a few days.
Although it is unlikely that there will be new lows, many badysts are convinced that a return to all-time highs will not happen until 2020 at the earliest. Dave The Wave, a favorable badyst with the MACD indicator, recently released the graph below on Twitter. Although little has been disclosed, aside from "2019 – a year of accumulation and consolidation," the chart suggests that if history repeats itself, Bitcoin could be traded relatively flat for much of 2019, to finally achieve the reduction of the global reward of 2020.
Magic Poop Cannon, a technical badyst who was tacitly endorsed by Tom Lee, recently made a similar comment. According to previous reports from this point of sale, the merchant estimates that Bitcoin will trade between $ 3,200 and "under 4,000" for a good part of the year.
Maybe "Crypto Winter" is finished
This seems to indicate that the cryptocurrency slowdown is not over yet, but some badysts have begged. As reported by Ethereum World News earlier in the day, Tom Lee revealed that he thought the worst may have pbaded for BTC.
Fundstrat's internal crypto-bull pointed out that the sudden outbreak of Bitcoin last Monday was based on a "real buy", which made it an act of manipulation not as some postulate. This probably refers to a Reuters report that a group or entity managed to buy $ 100 million worth of bitcoins from three stock exchanges, creating a short-term influx of FOMO that drove BTC on the rise.
To deepen the bullish narrative, Lee looks at the 200-day moving average, which has been a key resistance level for BTC since the beginning of 2018. The Fundstrat co-founder explains that, even though many cryptocurrency claims have died because of their -85% up-and-down performance, closing and holding BTC above the aforementioned level confirms that it has "returned to an uptrend".
Technicians could also show that the slowing down of Bitcoin has probably bitten the dust. According to badyst Altcoin Pyscho, the Guppy has "toggled in green" on the Bitcoin Bitmoin day chart.
THE GUPPY GREENED GREEN
Unless it is a fake, which only happened twice on the Bitcoin daily chart, the trend is officially reversed.
This is where you should start waiting for each bullish SFP (with stops) pic.twitter.com/aGHoqSl7jT
– Altcoin Psycho (@AltcoinPsycho) April 5, 2019
Although the change in the Guppy has an ephemeral chance of being a bull trap or a "pretense", which would have occurred only twice in the history of BTC, Pyscho says that the downward trend the bear was probably reversed. He adds:
"It's there that you begin to desire every type of bullish swing failure (with stops)."
Photo of Thomas Lefebvre on Unsplash
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