The Longer Bitcoin Stays Consolidating at the Lows, the Higher the Odds This is Not ‘the Bottom’
- If BTC pop above $8,100, bulls back in shape or we could hit $6,700
- Bitcoin pullback areas to watch
- $6,800 to $6,200 area is a “gigantic buying” zone
During the last week of May, Bitcoin hit the new highs of 2019 twice when it surged above $9,000 touching $9,100 briefly. Since starting the new month June, after surging to $8,800 level Bitcoin took a drastic drop to $7,700 level on June 3rd and then another drop below $7,400, the next day.
Bitcoin has yet to climb back to $8,000 level as it currently trades at $7,763 with 24 hours loss of 0.44 percent.
Crypto analyst that goes by the name Salsa Tekila in his latest analysis shares if we pop above $8,100 level, bulls will get back in shape. If not that, then the flagship cryptocurrency needs to stay above $7,642 level or the next level we will be hitting is $6,700.
“Longer we stay consolidating at the lows, higher the odds that this is not ‘the bottom'. IMO it's already been too long,” warns the analyst.
— SalsaTekila (JUL) (@SalsaTekila) June 5, 2019
Shared this chart the otherday on Telegram.
Basically $btc weekly engulfed candle is doom the vast majority of the time.
It would be very unusual to reverse and continue here and was the nail in the coffin when we lost that level for my spot positions. pic.twitter.com/9tMJsDkwos
— fil₿fil₿ (@filbfilb) June 5, 2019
Bitcoin Pullback Areas to Watch
Bitcoin might see an uptrend at its current level but is expected a pullback will follow not soon after. But how low we could go?
Crypto trader and investor, Josh Rager shares the levels we need to watch. Talking about the Fib retracement, he shares this tool that measures how far the market has pulled back into an upswing, according to which Bitcoin is sitting at the 0.236 fib, around $7,800.
The popular major pullback area he says is at $6,826 while the long support present for Bitcoin is at $6,121 that has “major confluence w/ previous support/resistance between $6109 to $6814.” He is also personally watching for a bounce in this crucial area with major interest near $6,400.
However, the lowest he sees bitcoin dropping down is the .618 fib that puts BTC price at $5,404. Any fall below this level, Rager says would be bearish.
“I think Bitcoin is overextended, seems like more investors need to step in. But if no one is willing to sell in this area, we'll continue to move sideways with more accumulation followed by a slow move up. The rate at which it was going was not sustainable,” Rager comments on the push above $7,800 level.
Economist and trader, Alex Kruger also shares the bulls and bear levels where at $7,900, he sees a major bull rush and like Rager, he sees $6,800 as a major level and $6,400 begins the bull market level.
$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400.
6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level. pic.twitter.com/x7qfk5Ojgr
— Alex Krüger (@krugermacro) June 5, 2019
According to Kruger, $6,800 to $6,200 area is a “gigantic buying” zone but he isn’t sure if the price will drop to that level.
Bitcoin’s price is $49,783.55 BTC/USD exchange rate today. The real-time BTC market cap of $931.38 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $35.4 Billion and live coin value change of BTC -13.67 in the last 24 hours.