Bitcoin Continues to Show Strong Signals, Bullish Flag Pattern Emerging for BTC/USD Price
- Bitcoin to blast through $10k
- Everyone eyeing mid $9ks for a pullback so be ready for a retrace to come sooner
Bitcoin hasn’t been able to touch the $9,000 mark yet as it makes a retreat yet again. However, it is at the level which was last seen a year back. The world’s top cryptocurrency is currently trading at $8,605 with 24 hours loss of 1.18 percent. Still, BTC/USD is up over 132 percent till date in 2019.
After the brutal winter of 2018, Bitcoin and crypto market is recovering at a great pace as experts are calling it to be the start of the bull market. The market started seeing the greens just as we entered into 2019 however, it was in April when Bitcoin reached $5k and then the monster rally in May that saw $7k, $8 and further climbing just inches away from $9k.
Bullish flag pattern emerging. pic.twitter.com/3dmPMNoD0J
— Mati Greenspan (@MatiGreenspan) May 28, 2019
Despite having the pullbacks, Bitcoin is still following a bull trend as crypto trader and investor Josh Rager says he will continue to be bullish on the leading cryptocurrency until it hits the area between $9400 to $9700, even if it retraces to $8,400.
“Being that's the 0.382 fib from Bitcoin ATH to cycle bottom & some major horizontal resistance areas. This could be a place where some “larger players” take profit,” says Rager.
As for the bearish perspective, a pullback prior to $9400 – $9700 level could be expected as it is the most expected place. However, Rager cautions that crypto market moves at its own pace and it wouldn’t be a crypto market if it doesn’t throw a few surprises as
“price action rarely goes as expected.”
However, a scenario could also be expected sooner as everyone is eyeing mid $9ks for a pullback.
In case you didn't see this perspective
Retail investors have been front run all year from the $3120 bottom, the $1k candle in April and smashing through $6k resistance
Everyone eyeing mid $9ks for pullback
Which says a retrace could come sooner
Be ready for any scenario https://t.co/RCeGSc8Ho0
— Josh Rager 📈 (@Josh_Rager) May 29, 2019
Bitcoin Price to Heat Up
As the temperature is heating up, despite a mild downward shift, so is the Bitcoin price as Naeem Aslam of Think Markets’ chief financial analyst calls for a fresh bull run for BTC that would see us blasting through $10k.
“If you are not ready then get ready, because the bitcoin price is about to blast past the level of $10K, recovering half of its losses from its all-time high, a real embarrassing moment for those who said that the currency will never recover from its losses,”
predicted Aslam in a note to his clients.
He is expecting the $10,000 breach to happen either this week or the next as he notes that Bitcoin is trading above its 50,100, and 200-day simple moving averages.
“The moving averages are very important because they define the trend; if the price stays above them, it shows that the uptrend is strong and when it starts to trade below them, then it means a downtrend.”
While talking about the strong momentum the leading cryptocurrency is experiencing because of the institutional investor's involvement, the reason behind the rising volume for Bitcoin futures contracts, he also said,
“Never doubt the resilience of the currency and the support it has among the community.”