Bitcoin’s Current Uptrend Is Going To Be The “Ultimate Fake Out,” Says Crypto Trader
- A move to the $11,200 – $11,300 would be the “long trap”
- Looks “eerily” similar to the run though $11,800 into $12,200-$12,300 bull trap
- Bitcoin is looking at $7,000 by the end of October
After the green weekend, the cryptocurrency market has turned red again.
Last week, Bitcoin dropped down to about $9,500 level but recovered during the weekend as it broke above $10,000 level and surged to as high as $10,955 today.
At the time of writing, BTC/USD has been trading at $10,660 with 24 hours gains of 0.26%. Trading volume is also gaining momentum, currently recording $950 million, as per Messari.
As Bitcoin goes red, altcoins follow the flagship cryptocurrency, with top 19 digital assets currently in the loss between 2 to 3 percent.
A Long Trap
As Bitcoin makes recovery over the weekend, the market has turned bullish in the short term.
Crypto trader and investor Josh Rager is one of them as Bitcoin prints a “nice big green candle” and closes over $10,800.
The area between $10,500 and $10,800 he says would act as a resistance.
However, there are still a few bears left…
Am I the only one that is bearish right now and think the previous move was a trap? 😅🙈
— The Cryptomist (@TheCryptomist) August 19, 2019
Analyst, The Crytpomist is not alone with bearish sentiments.
Trader CryptoISO, believes a move to the $11,200 – $11,300 would be the “ultimate fake out and long trap.”
This also looks “eerily” similar to the run though $11,800 into $12,200-$12,300 bull trap, he said.
“Everyone was talking about that 11.8k level just like everyone is talking about this current level at 10.8k.”
Market trader and analyst, Benjamin Blunts shares similar sentiments as he is still bearish and stands firm on his call for $7,000.
“Steep upper parameters and prominent lower highs indicate bulls are failing to win the fight,” Blunts said.
As per the chart shared by him, Bitcoin is looking at $7,000 by the end of October. But this won’t be straight to the target rather would involve a few up trends — just like the ones we have been seeing since July — that won’t be able to hold on and the price would dump to the $7k.
And once, BTC hits $7k, it’s time to hit a 2019 high and perhaps a new all-time high (ATH) altogether before another major correction.