Bitcoin Could Still See A Lot Of Down Here But Still In A Bullish Trend
- Bitcoin crosses $9,000 only to take a U-Turn and drop below $8,000
- We can hit about $7,150 and even mid $6ks
- As long as Bitcoin stays above $5,500, BTC is bullish
The leading cryptocurrency had quite a day yesterday when it injected euphoria in the market by finally breaking the $9,000 resistance. In under an hour, we saw Bitcoin going from about $8,700 to almost $9,100.
But this surge wasn’t even short-lived as it was a “blink and miss” movement. Right after touching $9k level, it started dropping down and didn’t stop until it tumbled down to just below $8,000. The sudden upswing and the flash crash took less than 6 hours.
A normal day for Bitcoin
High $9k…. Bye $9k… 👋 pic.twitter.com/jsUZN30LdN
— Josh Rager 📈 (@Josh_Rager) May 30, 2019
However, since then Bitcoin has managed to go up as at the time of writing, the world’s top cryptocurrency has been trading at $8,247 with 24-hours loss of about 5 percent. Currently, it is managing the daily trading volume of $28.7 billion per Coinmarketcap and $1.78 billion as per Messari’s Real 10 volume that has doubled since earlier on Thursday.
BTC/USD chart, Source: TradingView
Talking about this pullback, crypto trader and investor, Josh Rager notes the pullback came before the level around $9,400 – $9,700 area where everyone was expecting the fall.
“Majority have been front run all year and this is another case. Could still bounce from low $8ks to $9k+ but would like to see a daily close above $8200. Bulls stepping in.”
Rager says we are due for a correction but if it distributes that long and has a strong sell-off, that is not a good sign.
Though Rager is looking for the price to play out a bit more and can see bitcoin having a bounce, if the flagship cryptocurrency starts to move lower, we can hit about $7,150 and even mid $6ks.
However, he is still very much bullish as he says these kind of pullbacks are “normal stuff” in the crypto market. Additionally, as long as Bitcoin stays above $5,500 to $5,700 area, more specifically above $6,100, BTC is still bullish.
$BTC – it's not perfect but looks like distribution to me
The fake-out over resistance before dump – classic pic.twitter.com/mGsxJYwhgN
— Josh Rager 📈 (@Josh_Rager) May 31, 2019
Crypto analyst, The Cryptomist sees “SLIM” chances of Bitcoin going for $9,100 rather expects BTC to test $7,600 and $7,200 for support.
“1 wedge broken, 1 more to go. Wedge support region is 8k. Still a SLIM chance for bulls to delay correction and climb up wedge to 9.1. When 1D RSI support from Dec breaks – Confirmation of correction. Wedge & RSI break, very well may see us test 7.6, 7.2k support regions.”
The 50 day moving average is 6500. 200 day sub 5000. A lot of down can happen and still maintain bullish trend. This is a return to the mean play. pic.twitter.com/T4vUaCQbuZ
— Ledger Status (@ledgerstatus) May 31, 2019