Bitcoin Going to $9,000 BTC/USD Exchange Rate or Getting Ready for a Drop to Low $6,000s?
- Condensing price & decreasing volume before another hard push up to follow the uptrend
- Bitcoin currently consolidating inside a “diamond” pattern
After recovering from the drop to $6,200, Bitcoin is still struggling around $8,000 for the past 3 days, remaining below this level, for the most part. At the time of writing, BTC/USD has been trading at $7,945 with 24-hours gains of 0.47 percent.
The leading cryptocurrency is currently stuck in limbo as it neither goes up nor down. As volume continues to dry up, we are on the last point of supply that could see BTC price going above $8,400 only to take a dramatic hit that could take it to below $6,000 level.
A case for Wycoff and why i always use the volume to try understand what comes next
The Fixed Range Tool on The VPVR product is great when assessing These consolidation areas pic.twitter.com/DKK1ZPzuLR
— Zabbs 🇿🇦 (@joezabb) May 21, 2019
Meanwhile, crypto trader and investor Josh rager share his bullish scenario for Bitcoin that could go upwards to $9,200 where it will hit weekly and monthly resistance between the $9,600-$9,200 zones. If the flagship cryptocurrency decides to move downwards, it also has support established between the $7,200 and $6,900 area.
“Here's the Bullish scenario for BTC. Condensing price & decreasing volume before another hard push up to follow the uptrend. Support levels posted – break below here and we see at least low $6ks. I feel as if BTC can push up over $9k before a major pullback.”
However, CNBC has made a bull call for Bitcoin pointing out institutional adoption, retail application, and supply cut via Bitcoin reward halving event coming in 2020. Brian Kelly of CNBC states how the supply cuts in half marking an event which is generally very bullish.
But as a counter-indicator, it puts a damper on the price in the very short term.
🚨CNBC counter indicator alert 🚨
Dang… I made that bullish chart for nothing
The bearish scenario is official in place https://t.co/9aUIgrUkbJ
— Josh Rager 📈 (@Josh_Rager) May 21, 2019
Trader and analyst, Benjamin Blunts also share how Bitcoin is at a point, where it can go straight above $8,700 or take a drop below $7,400 and then go to $8,400 level.
“Place your bets. Is this a bearish b wave triangle or a bullish wave 4 triangles?,”
Meanwhile, crypto trader, Jonny Moe says Bitcoin is currently watching for a possible ”ascending triangle” formation on the hourly while currently consolidating inside a “diamond” pattern which he explains is typically a reversal pattern but can break in either direction.
In all likelihood, if we're to form an ascending triangle, this angle of ascent is still a little steep.
— Jonny Moe (@JonnyMoeTrades) May 21, 2019
In the meantime, economist and crypto trader Alex Kruger, shares Bitcoin support levels present at $7,600, $7,200, $6,800, $6,400, $6,200, $6,000, $5,750-5500, and $5,000. As for the resistance levels they are present at ,$8,400-8500, $10,000, $11,500-11750, $13,000, $15,000, $17,400, $20,000, and then moon.
An inverse variable rate security maturing in 2140 where the dividend is halved every 4 years (held as a Gold substitute).
We think the current dividend of approx. $550,000 per hour for #Bitcoin (a 73 multiple) will adjust to 20, implying a fair market price for BTC of $25,000.
— Heisenberg Capital (@HeisenbergCap) May 21, 2019
Currently, Bitcoin price is above $7,900 and now it’s just a wait and watch the game for the direction we would move in first.