Prime Bitcoin Buying Opportunities Ahead, Says Analyst As We Get Bearish Chart Confirmation
- Bitcoin gets a “real battle” at $10,800
- Inverted BTC chart looks bullish confirming bearish regular chart
- A real buying opportunity if BTC, if we retest the $9k/$10ks
During the first half of the last week, Bitcoin climbed to $13,900, the highest peak of 2019 only to continue to drop down to $10,300 level, the next day.
The second half of the week we struggled to make a strong move and got stuck below $12,500.
As we have been seeing since May, Bitcoin has been making a lot of moves during the weekends. About 40 percent of the gains registered by Bitcoin price during this period accounted to these weekend. However, this time, the market barely moved and when it did it went red.
On June 30th, we were trading at $12,245, ending the day at $10,606. At the time of writing, we have been trading at $10,915 with 24 hours loss of 5.52 percent.
However, the volume has dropped drastically. While after the drop till the weekend, the trading volume remained above $4 billion, now we have gone down to $2.48 billion, per Messari’s real 10, 24 hours volume.
Bitcoin Drop Brings Forth a Buying Opportunity
This drop has Bitcoin seeing a pullback of about 26 percent that is similar to that of May 2019 before the world’s top cryptocurrency consolidated for weeks and then continued on its way up again.
Not one but two of more than 26 percent corrections that too “so close” together in the bull market, doesn’t happen often. This is what makes it a “real buying opportunity,” says popular crypto trader and investor Josh Rager, if we retest $9k or $10ks.
Bitcoin is currently battling major support at $10,800, notes Rager. According to him,
“it’s a real battle here.”
If the leading cryptocurrency closes below this area, it would signal a continuation of bearish reversal.
Per the inverted BTC chart, that helps with the bias, it looks bullish that confirms a bearish regular chart.
On the monthly time frame, the close looks good, assures Rager. However, weekly close looks “ugly.” This he says have people calling out a shooting star type of doji. And this is typically a signal for reversal, meaning,
“we could see a couple of down weeks for Bitcoin.”
But as mentioned above, this only means a good thing for people looking to join in the Bitcoin bull market, as we have
“prime buying opportunities ahead.”