Expert Trader Says Expect Bitcoin Price Pullback at $5,634 BTC/USD Based on Bear Market History
Welcome back to another edition of rounding up expert bitcoin price forecasts from crypto community's most reputable and notable traders and chart analyzers.
One of the most active traders in the crypto twitter verse is Josh Rager and he has another update worthy of sharing, hearing and potentially applying if you are into that sort of thing.
The highly-reputable expert has been busy on his crypto chart canvas drawing a map to explain the bitcoin price history and relating it to today's current value action analysis. After noticing that bitcoin was securely held down below the 50-Week moving average, and the current MA is near his pinpoint pricing of $5,634 BTC/USD to be exact before a clawback.
Rager goes on to say the $BTC chart prediction is based on prior bear market data and throws in a horizontal resistance near $5,559 and states the case for a potential fall.
$BTC history says price tops no higher than $5,634 before a pullback
Previous bear market $BTC was held down securely under the 50-Week MA and current 50 MA sits near $5,634
Add to this horizontal resistance near $5,559 & you've got a very strong case for a potential pullback pic.twitter.com/C7LnIm7u6B
— Josh Rager 📈 (@Josh_Rager) April 8, 2019
The trading expert also mentioned that bitcoin is above the 100 and 200 day MA, in which being above the 50 MA allows for quite a bullish scene to take place unless a planned dump is just ahead.
The 66% Bull 33% Bear also drew in quite the crypto twitter crowd reactions, with the top comment being;
50 MA is already tested several times during this bear run, expect small breach, or small front running and therefore the price won’t stop exactly on the MA, you may get an intra-week breach above the MA in case of a topside pressure but if not, we won’t get anywhere near & drop. Having said that, there are real chances to test even 100 week MA area +/- $300 if the topside pressure sustains
Rager was asked if we could see $3,100 but was weary of it despite mentioning its in the realm of possibilities if we fell through the $4,200 resistance level. Other notable comments worthy of including were the fact that Rager is not human.
Who me pic.twitter.com/MhG8BJewAl
— Trading Room (@tradingroomapp) April 9, 2019
Another popular trader #DonAlt had this commentary to add to the current BTC price watch:
$BTC consolidated for 150 days at 6000 before breaking down. Once it did it went down more than 50% in a month. $BTC consolidated for 130 days at 4000 before breaking up. We're currently up 25%. I don't really see the rush to short. Even if we get rejected it'll take a while. And no I'm not putting out hopium. New swing positions at this price level, in general, are incredibly risky. Be it long or short. I personally think BTC will form new range to fill in the void from the 6000 breakdown. I'd be surprised to see any major moves till end of April.
I don't really see the rush to short.
Even if we get rejected it'll take a while. pic.twitter.com/esXIvTyv1n
— DonAlt (@CryptoDonAlt) April 8, 2019
Everyone's favorite crypto dog also chipped in with his feedback calling for $5,815 BTC/USD exchange rate value, elaborating on how quickly the charts change when it was just $3,200 option in play (when Bitcoin was $3,939 just two weeks ago today):
Measure rule on this ascending triangle puts #Bitcoin at $5815 📈
— The Crypto Dog📈 (@TheCryptoDog) April 9, 2019
Of course Mr. Rager had to throw his favorite crypto chart dog a bone:
— Josh Rager 📈 (@Josh_Rager) April 9, 2019
As the last trading analysis to include in tonight's bitcoin price prediction recap, BitcoinBirch from Bitcoin Bravado had this insight to reveal to the community about BTC being the most overbought since prices were at all time highs back in December 2017.
If you’re looking for a bear case, this is the most overbought $BTC has been on the Daily since $20k…
Moon or rekt? pic.twitter.com/TfEKOd0bsx
— Bitcoin Birch 👨💻 (@BitcoinBirch) April 8, 2019
$BTC – Looks good for a test of ~$5.5k at least. I don't see much of a reason to rush into a short position before then.
– Volume still looks strong on the daily.
– Every resistance on LTF has flipped into support.
— UB (@CryptoUB) April 9, 2019
In other news, we see bitcoin whales splashing in the crypto ocean still:
— Whale Alert (@whale_alert) April 9, 2019
Not bad for a blockchain that has transacted over 400,000,000 different payments.
Want to take a quick moment of silence for the $BTC bears on my feed the last few days…
RIP in peace.
— Luke Martin (@VentureCoinist) April 8, 2019
Live Bitcoin (BTC) Price:
1 BTC/USD =$56,206.5145 change ~ -1.50%