Bitcoin Giving off a Bearish Indication as it Mirrors the Surge from $3,200
- Bitcoin breaches $8,000 level yet again today
- Bearish sentiments in the near term before we take the bull by the horns
Bitcoin is back to being green as the leading cryptocurrency trades at $7,984 with 24 hours gains of 1.50 percent. The new week has started on a good note as today we went from $7,523 to $8,090. As can be seen in the Bitcoin USD price chart, in a matter of 15 minutes, Bitcoin added $300 and then further surged higher.
BTC/USD chart, Source: TradingView
The world’s top cryptocurrency with a market cap of $140 billion is meanwhile managing the trading volume of $18.8 billion as per Coinmarketcap data and $862 million per Messari’s Real 10, 24 hours volume.
As we turn green, altcoins make its way up as well with notable mentions being Litecoin, NEO, Ontology, Qtum, Bytom, GXChain, Metaverse ETP, Nebulas, Zcoin, NULS, and Loopring that took the total market capitalization back above $250 billion.
Bearish Sentiments in the Near Term Before we take Bulls by the Horns
During the weekend, Bitcoin gave bearish signals as we closed the week on a red candle and as crypto trader and investor Credible Crypto had pointed out “a weekly close like this would be kinda bearish. You know, just a little.”
However, he further clarifies, it’s just a pullback as we have reported several times and of course a buying opportunity. He further ensures that we simply won't be seeing new lows as he shares that bottom has been already hit in December 2018, further shared by the majority of industry experts.
“7.6k is as good as lost imo. Commence ze damp,” said the analyst.
In the light of the greens bitcoin is currently seeing, Credible Crypto updates that we could go up but he is looking for rejection at $8,500-$8,600 area. After dropping there, once we go back up to retest $8k zone, he would long Bitcoin.
Very bullish PA here, actually in lightweight disbelief lol. The lows at 7.4k were never taken. I assumed since they were on ETH, they would be on BTC. May have been wrong. Here is the plan to go long if things continue this way. $BTC pic.twitter.com/QPWVnG8RKO
— Credible Crypto (@CredibleCrypto) June 10, 2019
Another interesting observation has been made by RJ who says the flagship cryptocurrency’s ongoing situation is mirroring that from $3,200.
— RJ (@RJ_Killmex) June 9, 2019
During December 2018 after BTC hit its yearly low, the volume at $3,150, the volume surged and turned green as the prices moved upwards. Since then, we have increased 154 percent in value against the USD.
Per this observation, the greens seem to have run out of the room and from here we could see a retracement as volume after losing momentum could start increasing in red.
Despite seeing more losses in the near term, Credible Crypto is bullish overall and once we go down, we can move a lot higher, very likely to take over $10,000.