Bitcoin Bears Turning Bullish as BTC Price Enters into its Transition Phase, Comparing 2015 to 2019
Bitcoin is up 2.28 percent in the last 24-hours at $4,047 after dropping down to $3,930 yesterday. According to crypto analyst, Magic Poop Cannon, Bitcoin has entered into a bear to the bulls transition phase.
However, it doesn't mean there is a smooth journey ahead. Bitcoin has, in fact, entered into an area that is “rife with resistance.”
The most important factor to follow here is the 150-day moving average (marked in light blue color) which is particularly useful for support in the initial stages of the bull market. And now that we are in the “final stages” of the bear market, he says, it is an essential indicator of overhead resistance.
He further points out that Bitcoin is in a falling wedge, (as shown in the black) which will “eventually” create a “gentle” breakout to an upside move. Though he says, anything is possible he's not expecting the prices to shoot higher up, rather the market, he believes would “chop sideways” for the better part of the year in the range of $3,200 and low $4k as it has been doing for the past 3 months.
Since December, the price has been forming a triangle pattern which is a continuation pattern. This continuation “should” be to the downside that means a drop would be coming, however, as he has previously pointed out as well, if Bitcoin puts a lower low, it would be around $3,200 only.
Since entering the parabolic trend, the BTC price has fallen below 150 EMA and as the bear market progressed, it has been “highly resistive.” We are still stuck below it and that is why Magic says the volume is low as we are in a sideways consolidation and “until price is able to break higher or lower, volume will probably remain quiet.”
A long grind sideways is what’s in front of Bitcoin right now and $6k isn't in the cards, only closer to the end of 2019, he is expecting BTC to breakout for $6k that too on a slightly “uphill slope” instead of an explosive breakout.
Magic concluded his analysis by sharing that Bitcoin is the “greatest cryptocurrency in existence” and whether its Ripple, Ethereum, Monero, or Litecoin, they “pale” in comparison to the “real” crypto.
He further believes the top cryptocurrency will “revolutionize” the global finance and “reshape” the global economic system.