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Bitcoin could become bearish less than $ 3,900
Since Bitcoin (BTC) broke the $ 4,000 mark a few days ago, the market has entered a lull. Crypto-currencies have remained in a narrow range, showing no sign of a bullish escape from the bearish reversal. Still, some badysts are beginning to fear a short-term collapse, while BTC returns about $ 4,000 indecisively, a sign that sales are on the way.
Luke Martin, better known as Venture Coinist, pointed out that if Bitcoin went higher in the medium term, like the four hours or a day, but closed below $ 3,930, it would start to be "bearish at short term".
Yes $ BTC is starting to get 4hr / 1d more time under 39.30, so I will consider being bearish in the short term.
Unless you are a short-term daytrader, switching your prospects between 4400 and 2k after a 30-minute red candle is not very useful. pic.twitter.com/gAIhviwYXy
– Luke Martin (@VentureCoinist) March 21, 2019
Another popular trader known as "DonAlt" expressed a similar feeling. He explained that $ 3,900 is an essential level to watch from his point of view, adding that while he was falling under that support, he would expect "$ 3,500 or even less."
Feelings went from decent bullish to super bearish on a day that closed at $ 60 below its opening.
A telltale sign that BTC has become super boring.
Nothing has changed on the basis of yesterday.As long as 3900 hold, it's bullish for me.
If it breaks, I'm waiting at 3500 or less.– DonAlt (@CryptoDonAlt) March 22, 2019
In fact, from a technical point of view, the price mentioned above seems to be of some importance. Prior to the last Bitcoin move above $ 4,000, BTC had difficulty exceeding $ 3,900 and stayed in this region for almost 12 hours. And in a recent quick sale, $ 3,900 became the level to watch as the main cryptocurrency was apparently about to collapse (again).
The technical indicators around this level are apparently also of some importance. CryptoChartsJoe recently reported on Twitter that the 50-hour, six-year, moving average line is currently at $ 3,900.
While the bulls seem to have the upper hand over the current situation, some fear that the BTC will not exceed $ 3,900, while the bulls show no sign that $ 4,400 is still to be feared.
Bullish outlook on crypto
Again, some have kept their heads up.
Satoshi Flipper, a noted industry commentator, noted that in recent months, BTC had hit a single line of resistance ($ 4,050) six times. However, every time he did that, he retreated quickly, falling several percentage points to return to an average. But with the cryptocurrency currently about to be a seventh touch, Satoshi hinted that there was a chance for it to break through, pushing Bitcoin into a rally.
Regarding feelings, the outlook for crypto also looks promising. Ryan Selkis, general manager of the cryptocurrency badyst Messari, said he would be "extremely surprised" if Bitcoin had not found a floor in this bear market. Selkis, who firmly believes that BTC is a better way of storing digital value, explains that for long-term speculators, waiting for the last capitulation event is absurd because the expected value of cryptographic badets is "25 to 50 times "Current prices.
And last but not least, the fundamentals. It can be argued that fundamentals, or industry developments, are the best counter-wind of crypto-currencies at the moment. In recent weeks, Samsung, Facebook and Kakao, among countless other institutions, have announced an incursion into this ecosystem. These changes could lead to global adoption, further strengthening the value of BTC through simple network effects.
Image title courtesy of André François Mckenzie via Unsplash
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