At the time of writing, the leading cryptocurrency with a market cap of $173 billion has been trading at $9,730 with 24 hours loss of 2.51 percent while managing the daily trading volume of over $1 billion, as per Messari’s real 10 24 hours volume.

Bitcoin Price Action “Working Beautifully” With The First Target

Bitcoin is creating lower highs and lower lows on the daily chart. Markets are open and support areas are flipping to resistance.

This according to market analyst Benjamin Blunts is a “do or die moment” as he says,

“Btc hanging on to the bull count by a bees dick here. If lower parameter of channel is broken i would be looking at more bearish possibilities.”

The 1hour chart, crypto trader and investor Josh Rager says shows price action “working beautifully with the first target” that is present at the $8,975 weekly support.

But it’s not the maximum limit for the drop as Rager says we could potentially move lower.

Bitcoin working to drop down to the next weekly support to $8,975, Source: Josh_Rager/status

As for an alternate view, with everyone calling for Bitcoin to go lower whales may decide to short squeeze, causing the price to jump back above $14k.

This might not be the case this time as Rager points out how the market has shown there are no buyers at over $13,000. So, he is suspecting

“sideways trading, if anything.”

But the fact that Guppy gave the bull signal, Rager says we are still in a bull market. Markets, after all, can't go straight up even in a bull market, pull back is “okay” and healthy that provides a ‘buy the dip’ opportunity.

indicator say down pic.twitter.com/NhXJPKEOcR

— CryptoGainz (@CryptoGainz1) July 24, 2019

Majority of the crypto traders and analyst alike are calling for a drop here. However, the level at which we will make a trend reversal is yet to be known.

Trader Credible Crypto says, if lows get swept, we will make it to the “buy the dip’ region between $7,200 to $8,700.

This he says would imply that our major wave 1 is complete and this would be the major Wave 2 retracement. Additionally, this would be the 35 to 45 percent dip, that we have been waiting for.

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