Bitcoin Price Experiencing a Retracement, Not a Reversal But Loss of $7,200 Could be “Significant” Bearish
- Price could turn to the upside any moment, strong and fast: Analyst Galaxy
- An orderly decline here with a possible pennant to form: Analyst Bob LoukasSince early February, Bitcoin has been on an upward swing, going from $3,300 to 2019’s highest level $9,100 in May. Now, in June we have dropped down below $7,400. As we reported analysts have been calling out for a drop that could go down $6,400 or as low as $5,400.
However, it doesn’t mean we are making a trend reversal as we are still in bullish momentum. As cryptoanalyst, Galaxy says this is just a retracement and price could very easily turn to the upside.
“Surprised on how bearish the sentiment is on this correction of a strong uptrend. People are actually waiting to short the bounce. Extremely risky play and the price could turn to the upside any moment, strong and fast, as it did before. This is a retracement not a reversal.”
This is what looks like currently, the market is experiencing as BTC/USD trades at $7,915 with 24 hours gains of 0.18 percent while managing the daily trading volume of $773 million per Messari’s real 10, 24 hours volume.
Bitcoin hasn't failed the 4hr 200 moving average since it ended the bear market. Painting a divergence on it now. pic.twitter.com/4g5qMJDGJB
— Strip Mall Status (@ledgerstatus) June 6, 2019
But We Need $8,200 To See A Short Term Bullish Narrative
Trader and investor, Bob Loukas shares how
“an orderly decline here with a possible pennant to form.”
He further adds that the leading cryptocurrency needs to trade above $8,200 level in order to see a short term bullish narrative.
As for the bearish part, he says the loss of the $7,200 area would become “significant” bearish from a cycles perspective.
Recently we reported crypto analyst, Willy Woo calling the May rally to be an exchange driven that will “blow off” soon. He is expecting a proper retrace that will bring in real investors and then drive the true organic bull market.