Highly Touted Crypto Analyst: Bitcoin Charts Starting to Show Weakness, Could Drop Before Next Move Up
The leading cryptocurrency by market cap of $69 billion is currently trading at $3,936 with 24-hours gains of 0.60 percent. Meanwhile, it is managing the daily trading volume of $10.7 billion. Yesterday, it has dropped down to $9 billion but since then it has been slowly making its way up.
However, crypto analysts and traders are slowly turning bearish towards the flagship cryptocurrency. Just yesterday we shared how permabull and crypto analyst, Magic Poop Cannon has predicted a lower low for bitcoin price this year.
Now, crypto analyst, Alan Masters is also seeing weakness in Bitcoin chart. Initially, he had shared,
“Weakness is starting to show up on the Bitcoin ( XBTUSD ) charts. Now trading below EMA10. MACD bearish cross. RSI trending down. I believe Bitcoin will drop before making its next move.”
Later on, Bitcoin reached the $3,780 level where
“XBT Just printed a huge doji, a bullish close pushes Bitcoin towards the green. A bearish close can lead to further retrace.”
However, Bitcoin then started trading above EMA10 and EMA50 while closing above support and resistance trend lines that mean Bitcoin remains bullish in the mid-term and the short term bearishness was removed after the last Doji.
However, other analysts are still feeling bearish as the chart mirrors the market action just before the price took a drop from $6k as the crypto trader, Jonny Moe shares two bearish scenarios.
I want to be bullish. I really do. But I have to ask myself, what if we're wrong?
— Jonny Moe (@JonnyMoeTrades) March 14, 2019
Recently, Jani Ziedins from CrackedMarket blog said the reason that $4k is presenting a strong resistance means Bitcoin can further see more losses.
“Bitcoin is still doing a lot of nothing as it seems stuck under $4k resistance. In the opposite move to the broad market, a trade that refuses to rebound will eventually tumble lower,”
he explained while further adding,
“Buyers are not interested in pushing BTC any higher and that means all we are doing is waiting here until the next negative headline comes along and knocks us lower. What seems low is giving every indication it wants to keep going lower.”
Bitcoin market might be showing signs of yet again another drop which various analysts have already been projecting for Bitcoin to hit the bottom in the first quarter that could see BTC below $3k. But according to one analyst, Galaxy this might be the last time you would be able to afford Bitcoin this cheap, which given the fact that every year, Bitcoin finds higher high, holds potential.
“Although prices may appear to be random (to some), they actually create repeating patterns and trends. Observing this pattern makes April the last month of cheap BTC. And now, of course, it will be cheap multiple times in the future, but never $3K cheap.”