Bitcoin’s Close Above $6,600 is Bullish as Analyst Calls for a Push Above $8,000 BTC/USD
- Above 6,600 Bullish and below $5,900 bearish
- The most critical retracement level is below $6k
The leading cryptocurrency seems to be losing the steam for now, but despite that, it maintains its ground above the $7k mark.
At the time of writing, Bitcoin has been trading at $7,103 with 24-hours losses of 2.22 percent. The daily volume of Bitcoin traded on exchanges has come down from $29 billion yesterday to $26 billion currently as per Coinmarketcap data while $1.4 billion per Messari’s Real 10, 24 hours volume.
Though Bitcoin has taken a hit from the 9 months high at $7,585 to around $7k, it to be seen if the flagship cryptocurrency has really lost the momentum in the short term, after all.
BTC/USD chart, Source: TradingView
BTC To Test $6,500 Range
According to crypto trader Credible Crypto, the fact that Bitcoin closed above $6,500 on the weekend, is a bullish sign. If BTC had closed below $6,240, it would have been neutral and bearish below $5,900.
But a drop above $6,600 is bullish, says Credible Crypto. From here, he sees BTC testing the $6,500 region where we are expected to consolidate and then pushing to above $8,000.
“Perfect rejection off of my Wave 3 BTC target and a Weekly close above 6.6k makes me unequivocally bullish at this time. I now expect a test of the 6.5k region. I do expect we are now in our Wave 4 and will consolidate/range around 6.5k before making our push to 8k+.”
Crypto-❄️ low season flashed @TIPMayerMultple between .51 & .84 (15 Dec $3,194 to 23 Mar $3,980). Four months later, crypto-spring is warming up: 1.6 – $7,121.
— Trace Mayer [Jan/3➞₿🔑∎] (@TraceMayer) May 12, 2019
Meanwhile, crypto analyst Magic Poop Cannon, says after warning about Bitcoin topping out yesterday, the price has fallen even deeper into the negative territory. Bitcoin wasn’t able to close above $7,402 resistance level and sell side pressure has been starting to pick up. On the smaller time-frames, he says the sell signals are increasing as well.
In case $7,400 is the top, Magic sees Bitcoin retracing easily retracing to the $6,000 range. But per him, the most critical retracement level is below $6k which means if we enter into a correction from $7,400, we could retrace back below $6,000.
In contrast, if Bitcoin doesn’t fall lower and consolidates here, the outlook can change but it all depends upon how the daily candle closes. Above $7,400 level close means “very bullish” and below this means more downside in the coming days.