Bitcoin Chart “Looking Ugly,” But Major Retrace Couple Of Months Away Per Multiple Traders
Bitcoin Chart “Looking Ugly,” But Major Retrace Couple Of Months Away
- Bitcoin starting to look like it is going to pull back soon – Trader & Analyst DonAlt
- A 30 percent major pullback won’t be coming until July or August – Trader Josh Rager
On the weekend, from below $7,900, Bitcoin surged above $8,700. Overnight, the leading cryptocurrency broke the resistance of $8,000 and then soon after jumped close to $9,000. However, it yet again took a drop today as it went down to $8,420 level.
At the time of writing, BTC/USD has been trading at $8,506 with 24-hours loss of 2.33 percent. Meanwhile, its daily trading volume has come down to $23.8 billion as per Coinmarketcap data and $905 million as per Messari’s Real 10 volume.
The current Bitcoin chart according to trader Altcoin Psycho is looking ugly. So, the flagship cryptocurrency needs to break out of the rounded pattern or we would be dumping.
These sentiments are echoed by the crypto trader, investor, and analyst DonAlt who says Bitcoin is starting to look like it is going to pull back “soon”. However, the pullback doesn’t mean the bull market is over, it is very much in motion and on the way to a new all time high (ATH).
About this pullback, crypto trader and investor Josh Ragers shares the Bitcoin price chart from the last bull run that he pointed out previously depicts various pullbacks on its way to the $20,000 peak.
At that time he had said, on the basis of the previous cycle, a pullback of about 30 percent could be coming up. He explained how there has been eight more than 30 percent pullbacks in the last market uptrend. Between each of these pullbacks, he notes, there had been an average time of 98 days.
“While we can't base everything on one historical uptrend we do know that pullbacks will come.”
In the current market, on May 17th Bitcoin registered a serious pullback of 26.3 percent. On BitMEX exchange which is the most volume traded, the drop was of 23%.
This means the next “major retrace” would not be coming until a few months later. Rager explains with the institutions in the market now and “battling for position”, this major pullback “could be a couple months away,” could be July or August.
He concludes by stating “don’t FOMO” but it needs to be kept in mind that we won’t be seeing this 30 percent major pullback for a while.