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For the time being, Bitcoin (BTC) stabilized and ended up trading about $ 8,500 on a no man's land during the last day. However, if the cryptocurrency begins to earn $ 8,700, badysts are certain that the situation will start to warm up again, which will give BTC the momentum to continue rising.
Related Reading: Why should all Bitcoin and Crypto investors consider U2F security keys?
Bitcoin must claim $ 8,700
Just a few days ago we saw Bitcoin going through a crazy price crisis, trading between $ 8,000 and $ 9,100 in six hours. Although BTC briefly used $ 9,100, surpbading the $ 9,000 key resistance level for a fraction of a second, it eventually turned down for the cryptocurrency market. Once the above-mentioned level was reached, BTC dropped $ 1,000 over the next hour, canceling the escape last weekend.
Related reading: Ethereum: Despite recent downtrend, ETH fundamentals remain incredibly strong
But after the sale, which almost resembled a flash crash, has cooled, the bulls have regained control of the wheel. At the time of writing this article, BTC stands at $ 8,550 and is currently on the rise in the short term.
Zoomed version.
You want this new test to be valid and we will go to 618.$ BTC pic.twitter.com/9hyTcPiEdv
–Eazy ? (@cryptoeazy) May 31, 2019
According to badyst CryptoEazy, the best scenario would be that Bitcoin tests, recovers and keeps above the level of 0.618 Fibonacci Retracement in the range of $ 8,000 to $ 9,100, a little less than 8,700 $. He is not the first to think so. Popular commentator Mayne notes that if $ 8,700 is fully recovered, which means a number of candles (one hour / four hours) close to this level, he would be inclined to switch to "net long AF".
As Josh Rager, a well-known crypto operator, points out, "a cross over $ 8731 would be bullish if it went back over $ 9,000". Indeed, a Bitcoin stake of over $ 8,700 has recently been a sign of bullfighting.
$ BTC Best close month since 2017 (gain of more than 62%)
Training is still up over 1 hour (LTF) and the price has to go up to reach support resistance / returned to $ 8731
A cross and hold above $ 8731 would be bullish for a raise of over $ 9k pic.twitter.com/IE3RQXpTHQ
– Josh Rager ? (@Josh_Rager) June 1, 2019
What about a withdrawal?
Some have been adamant about the fact that a withdrawal is incoming.
The fact is that the cryptocurrency market has been in free fall for eight weeks. Bitcoin has gained more than 100%, while some altcoins, like Binance Coin (BNB), Litecoin and Chainlink, are, to put it mildly, on the Moon. As Travis Kling of Ikigai recently pointed out, Bitcoin has risen 129% since the beginning of the year, while BNB has recorded a staggering 432% performance, which reinforced the stock market's commitment to create a value proposition for the pawn.
Let's take a moment to celebrate the month of May 2019. BTC has just been in the Top 5 monthly performances (since 2013). It is now 168% lower than the lows since mid-December.
If BTC makes another 168% here, the price will be $ 23,000.
Lol. pic.twitter.com/h3Il8d4chm
– Travis Kling (@Travis_Kling) June 1, 2019
In any other market, investors would do their best to make a profit by liquidating their digital badet pools. Ironically, it would be a bit like a bank case, with speculators running in the hills to protect their "lambo money".
However, we are at the BTC which continues to show lower and higher highs. Still, some badysts have suggested that bulls run out quickly. According to previous NewsBTC reports, Jack of Bitcoin Bravado estimates that the region of $ 4,900 to $ 5,125 will act a bit like a "magnet" price in the months to come.
First, Jack admitted that Bitcoin, more likely than not, would not see new lows in this cycle, considering that from a high point of view, the upward trend is more likely.
However, he notes that Bitcoin is very likely to be in the lead, considering that when BTC rose above US $ 8,300, this represented the fifth part of the Elliot Wave scheme, and that the resistance of US $ 8,800 was not enough. has not been resolutely closed above. The Bitcoin chart on shorter timeframes also seems somewhat bearish. In fact, BTC has just moved under a downtrend channel and a mid-term trendline, and peaked twice at $ 8,900.
All this suggests that BTC is quickly losing control of its current uptrend and could therefore slip and / or take a "refreshing pill".
Featured image of Shutterstock
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