Crypto Analysts Calling For A Bitcoin Price Dump After The Fake Pump
- Bitcoin right back to mid range, prints the infamous descending triangle
- But an upward move can be seen before going lower
- Macro Sneak Peak: Russia ditching US dollar and hoarding gold
Today, Bitcoin took a drop to $10,060 level on Bitstamp.
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During the weekend, we made some recovery on the loss of $750 but end up going down even more, on Monday.
Currently, BTC/USD is trading at $10,364 with 24 hours loss of 0.31 percent.
We made a good start of September as we climbed to almost $11,000 level on Sept. 6 but Bitcoin is back to trading sideways.
In the wake of this fake pump, analysts and traders on CT are back to calling out the drop they have been expected prior to this surge.
Let’s see what CT is Calling for
Trader CryptoISO projected BTC price drop to $8,200 in July,
“Right back to mid range…Nice fake out under 10.2k. Liquidity is on both sides. Open interest saw a nice drop and is slowly creeping back up. Longs still going for it but first rejection at 11k was pretty clear and then again at 10.6k. Call is still down – fake pump,”
is what he has to say about BTC’s recent move.
Mati Greenspan, senior analyst at eToro points out the “infamous descending triangle.”
Descending triangle, a popular chart pattern among traders shows that the demand for an asset is weakening. This pattern is generally considered bearish.
“All too familiar pattern emerges for bitcoin. It's the infamous descending triangle, which has a strong tendency to break downward. Can't help but feel like we'll need to meet the 200 DMA (blue line) one again,”
Recently, veteran trader Peter Bradt also shared that Bitcoin is in a descending triangle, however, he also mentioned that there have been several occasions over the years when BTC price
“blew out of the upside of a descending triangle.”
Market analyst Benjamin Blunts is short on Bitcoin but not before it taps $10,680 level to continue the next leg lower to $9,900.
Macro Sneak Peak
While Bitcoin price continues to range,
Russia is moving away from the US dollar and broader US assets by betting on gold. The gold reserves of the country quadrupled in the past decade, the fifth-largest gold hoard by country at over 2,200 tons.
So far, the central bank has bought 106 tons this year, an increase of 19% from the same period last year. In 2018, the nation’s gold buying exceeded its mining supply for the first time as well.
With the latest uptrend in the gold price, the value of Russia’s gold jumped 42%.
But Russia isn’t alone in hoarding gold, China, Poland, Kazakhstan are among the biggest buyers in the past couple of years.
Governments around the world are ready to push interest rates to zero and further into negative zone and print money like crazy.
— PlanB (@100trillionUSD) September 9, 2019