Sunday, August 25, 2019

Bulls Aren’t Ready Yet; Bitcoin Is Exhausted, Traders Warn

The price of Bitcoin has seen a recent leap from the $5,000 mark to over $5,500, consolidation on the earlier leap seen at the beginning of April. The recent leap had made Murad Mahmudov a popular Bitcoin price analyst changed is mind on the near term bearish run to a Bullish run as reported by BTCNN earlier. However, some enthusiasts are still of the opinion that it is not yet time for the bull run, because Bitcoin is exhausted.

Don’t Be So Excited, It’s Not Yet Time For A Bull Run

Crypto analysts, such as Magic Poop Cannon in a recent trading view post noted that the Bitcoin is exhausted and is ready to see a large 15 to 20 percent pullback if historical trends hold any value.

Cannon in his explanation for his assertion stated that BTC’s current price action, 50-week exponential moving average, 50- and 200-day simple moving averages, Fibonacci retracement levels, and Relative Strength Index (RSI) are all looking eerily similar in structure to that seen in mid-July 2015. A period similar to the last bull run when BTC rallied after a capitulation event, but then subsequently fell near its lows as a breakout failed.

Based on this, Cannon thinks that Bitcoin will follow historical precedent, 50-day and 200-day simple moving averages will form a golden cross by the end of April, trade from $5,000 to $5,300 until May 7th, and will then collapse to its 0.618 Fibonacci retracement, which currently sits at $4,025. He also stated that those that think Bitcoin is ready to surge above $6,000 are delusional.

Related Article:  Study: Transaction Fee May Increase When Bitcoin Mining Reward Falls to Zero

The recent analysis of Cannon is corroborating his other recent assertions. In a recent one he stated that Bitcoin’s one-week chart looks exactly like a “bump-and-run reversal bottom ,” or BARR bottom for short, the short-term bear explained that as the Stochastic RSI is “pegged to 100,” while the traditional RSI reading is still leaning overbought and the MACD is “showing signs of exhaustion,” a bearish reversal from here is possible.

Short Term Bearish Trend At The Corner

Other Crypto traders and analysts that see near term bear includes Joe, Jacob Canfield among others. Joe is of the opinion BTC took a jaw-dropping 105 days to rally past its 50-week exponential moving average. Then because BTC is yet to break past this level, which often signifies resistance in bear markets and support in bull runs, Joe proposes that the mentioned moving average could trap BTC for 105 days. This means the market could experience a drawback.

Canfield shares a similar view. In his explanation, Canfield suggested that BTC will need to break and hold above $5,800 to confirm that the bear trend is over.

If the near term bear trend predictions will be fulfilled, the events of coming days would clarify this. However, Murad Mahmudov like most enthusiasts and traders are turning Bullish in the near term.

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