The bitcoin price and general cryptocurrency market have seen a cool off in price over the last week with a decline rounding in at about 5%, but this certainly does not mean everything is doom and gloom. The market has seen a nearly 5-month uptrend that has merely paused and maybe getting ready to test 2019 bitcoin price highs again according to traders on “Crypto Twitter”.
During bull markets participants generally take the long side, the common term for this is “buying the dip” and it applies in traditional markets too, where traders are seen buying “pullbacks” as the market marches up. Unlike in 2018 if one had been following this strategy in 2019 it could have been very profitable.
One Crypto day trader who preferred to remain anonymous had the following analysis when looking at the current Bitcoin price chart. “This past week saw a healthy pull back from weekly open which was at 8735 to 7632, roughly a loss of 1000 USD on Bitstamp Exchange. After the previous week’s “spinning top” doji style candle, this last week’s red candle exceeded the low of the previous and confirmed continuation. It could be expected that we could see further downside when looking at the weekly chart and this is backed up by some of the oscillators such as the Stochastics showing signs of fatigue.”
He further noted that “If Bitcoin price does initiate further downside movement there is horizontal support at 7,100 – 7,200 and this is where traders are likely setting there buy orders.” On the opposing side, he added “ïf bitcoin price can close above the 8,100-8,200 it’s likely to test 2019 highs and perhaps beyond at that point“
He concluded “The longer-term bitcoin price structure is still intact with the monthly having a higher high, overall there is definitely more in favour of the bulls here and any pullback is likely to be bought up”
A very well known Crypto Analyst, Willy Woo of WooBull.com and Adaptive Capital, famous for his on-chain analysis who uses a blend of fundamental and technical analysis actually called the bull market on the 13th May 2019 with 99% certainty. His tweet with a price chart of Bitcoin on the 13th of May saying:
Have you bought some Bitcoin yet? Do you think we are in a bull market? Let us know what you think on Twitter are we in a #bullmarket or are we still in a #bearmarket?
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