Bitcoin Bears About to Get ‘Aggressive;’ Trader Says ‘Actual Panic is Yet to Start’
- Bitcoin price trading near $9,500, on-chain activity including new addresses and on-chain transactions count decline by over 20%
- Economist and trader Alex Kruger says 8500-8600 is the next logical stop for BTC and the first major buying area
Bitcoin price is stuck around $9,500 and this drop in price is affecting the Bitcoin on-chain activity as well.
Since BTC topped out on June 26th, Bitcoin new addresses have dropped nearly 27 percent. While BTC price dropped 22.7 percent, on-chain transactions count has declined over 20 percent.
Given the fact that Bitcoin carnage is not over yet, the numbers are going to get a deeper red.
Bitcoin price trading below $9,500
The leading cryptocurrency is trading below $9,500, going a low as $9,352 level today. At the time of writing, Bitcoin has been trading at $9,480, in the green by 0.52 percent. Trading volume, however, is pretty low at $618 million.
As previously reported, Bitcoin is expected to see even a deeper drop. $8,500 is the level experts are primarily watching for, though even a fall to a lower level won’t be surprising.
This drop to $8,500 would mark a 50 percent pullback, states economist and trader Alex Kruger, while a 61.8% pullback means $7,250.
8500-8600 is the next logical stop & the first major buying area
Moving averages help in cut down the amount of “noise” on a price chart and looking at the direction of the moving average, you get the basic idea of the way price is going. If it is angled up, price is moving up; moving sideways, price is likely to be in a range, and if it is angled down, price is moving down overall.
DMA100 is present at $8,630 and DMA200 is at $6,300.
A moving average also acts as a support or resistance as average acts like a floor so the price bounces up off it. In a downtrend, a moving average may act like a ceiling, the price hits the level and starts to drop again.
“The range is now breaking down. 8500-8600 is the next logical stop and first major buying area. Chart favors downside yet the upside is IMO considerably larger. Keep the big picture in mind,” said Kruger.
Trader says, the Downchoke is about to turn Aggressive
After the spectacular performance of Q2 2019, July has turned out to be a red month as BTC price drags down to $9,350 level, hit yesterday from the highs of $13,200.
The bearish pivot was at $11,300, notes Kruger while sharing subsequent levels,
BTC Levels: 11300, 11000, 10800, 10300, 9500, 9000, 8500, 8000, 7500, 7250, 7000, 6800, 6400.
Popular trader Majin says, bulls have lost the previous two months and are too underwater to make a bounce here so, according to him, “the pumpage has to come after a savage bear-swing.”
It's extremely bearish if the only reason for a potential pump is a whalegame, considering the lack of any preparation or structure. Doom is inevitable. Today.
— Majin (@majinsayan) July 28, 2019
Currently, the demand action is “most boring” and in the current $9k range, he points out volatility is the least compared to any time other time we were at this level.
This he says means, “the downchoke is about to turn aggressive,” so, “Keep calm, actual panic is yet to start,” states Majin.