Bitcoin Crosses $6,300, But Is it Time to Get Even More Bullish About the BTC/USD Future Pricing?
- CNBC says “buyer beware,” so buckle up for more uptrend
- Crypto Analyst says “still bullish in the short-term” as “finex shorts are still unsqueezed”
- Bitcoin “unprecedented” parabolic moves
Today, BTC/USD climbed to $6,330 as the rally started in early April continues. The last time we had been at this level had been on November 12, 2018. Currently, the leading cryptocurrency is trading at $6,292 with 24-hours gains of more than 3 percent.
The bulls seem to be intact for now but as experts have called out for a drop, a bit of caution is prudent here.
However, looks like we are going a leg up for sure as CNBC Futures Now Call out for a buyer beware as BTC won’t hold here. Jeff Kilburg, Founder of KKM Financial, an independent investment solutions firm that creates research-based products, a CNBC Contributor says from a completely technical perspective, Bitcoin will take a drop from here to $5,800.
— CNBC Futures Now (@CNBCFuturesNow) May 9, 2019
Being a good contra-indicator with 95 percent accuracy, CNBC’s call, for now at least, won’t be realizing and might give us another push up.
Bullish in the Short Term
Another reason for a higher move still as shared by crypto analyst, Murad Mahmudov is that the Bitfinex shorts that haven’t been squeezed yet. Despite the fact that we have surged about $1,000, the long/short is at all time lows.
“The prediction was correct, we are almost $1000 higher. Funny thing is: the finex shorts are still unsqueezed w/ L/S ratio still at all time lows, and the Mex rates today are even more negative than back then. I'm still bullish in the short-term.”
Meanwhile, crypto trader and investor Josh Rager says daily resistance at $6,153 has flipped to support, for now. So, going forward we are looking for the next resistant at $6,345 while up above $6,427 is bullish.
Rager says weekly RSI hasn’t hit above 70 since January 2018 and is quickly approaching. This has him expecting a pullback but not before he stated, “But BTC has been on Fire,” so it’s to be seen if BTC will take over the most traded level of 2018 at $6,400.
Bitcoin’s Parabolic Moves
Meanwhile, Peter Brandt, a veteran trader talks about the parabolic moves of Bitcoin that was first formed in 2013. Bradt says parabolic move on a large scale is a “magnificent thing” that happens “only once in a decade.” And given the fact that Bitcoin has already made more than one, Bradt says it is “unprecedented” that hasn’t been seen “since the German interest rates in the 1920s.”
As for if Bitcoin will be seeing another parabolic move, he says it’s a “real possibility”. In the near time, Bradt says it’s the ‘late bulls coming out of the closet’ that have the BTC surging more than $1000 in 10 days. However, according to him, just like many other experts, a correction wave will shake these bulls off for now before it is followed by another parabolic move.