Despite Red Crypto Market, Popular Trading Analyst Says “Bitcoin Still Bullish” in Long Term Cycle

Bitcoin is down more than 7 percent in the past 24-hours while managing the daily trading volume of $10.8 billion. The leading cryptocurrency is currently trading at $3,783 on Bitstamp.

Bitcoin price chart, Source: TradingView

Just yesterday, crypto analyst MagicPoopCanon, who calls himself a “master of charts” shared that the flagship cryptocurrency will move sideways majority of the year and only then touch $6k mark late in 2019.

“I expect that Bitcoin will probably reach 6000 later this year, but we will probably chop sideways for a while between the mid 4000s to mid 3000s. That type of movement would match closely with the 2015 bottom, and it would respect multiyear rising support on the log chart.”

However, despite Bitcoin’s drop from $4,185 to $,3,724, MagicPoopCanon explains,

“Why is Everyone Freaking Out? Bitcoin is Still Bullish!”

“There's not denying that today's candle is currently bearish engulfing , but look at where it bottomed – exactly on the 50 EMA (in orange.) The same EMA , that has been torturously resistive for this entire bear market.”

He further added,

“Turning around to test such a critical resistance level is perfectly natural, since we have recently surpassed it. Admittedly, I didn't think a test of the 50 EMA would come this soon, or this abruptly, but it has. So, the 50 EMA is very important to hold right now. If we can hold the 50, then I do believe that price can continue it's ascent to the top of the downtrend channel.”

MagicPoopCanon says that price action may be scary but he isn't “too concerned” from a bullish point. He further adds, the developments where Bitcoin price would fall to the December low are “currently nonexistent.”

“I still see a lot of technical evidence to support the argument that the bottom is in. That evidence would be further confirmed, if the 50 EMA holds as support.”

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