One trader, going by “Crypto Birb,” however, expects a pullback. The thing is, according to this analyst, such a move may actually be for , and would actually set the stage for a final breakout from this brutal bear market. In a recent tweet, the analyst noted that may soon see a bearish rejection from the $6,000 to $6,800 range, fall to $4,300 to establish a higher lower, and then move decisively above former resistance levels.
Per Birb, such a series of movements would confirm that a “bull market” has started, and that and other digital assets could subsequently see new highs… eventually. “Unless these conditions are met, I strictly assume we’re in a bear market,” the commentator adds in a final quip.
While Birb is sure that a pullback may actually precede a bull run, some seem to expect such a bearish move just for the heck of it. As by World News previously, Financial Survivalism, an analyst that has forecasted a before, explained Tuesday that there are a number of technical indicators acting as clear red flags. The daily TD sequential recently printed a red 9, just days after a “combo 13”, signaling an impending bearish reversal. What’s more, has seen a so-called “ star reversal doji” candle after testing major resistance, the upper bound of ’s medium-term trend line, hinting that bulls aren’t in full control yet.
In an analysis posted just days earlier, Magic Poop Cannon, a popular trader that forecasted ’s move to $3,000, that there are an array of bearish divergences seen in the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and the Stochastic RSI, leading Magic to the conclusion that is “wounded” and not prepared to enter a bull run just yet. He adds that the Network Value to Transactions ratio (NVT) is currently flashing a sell.
But this begs the question: which faction will win? Bulls or bears?
Title Image Courtesy of Ben O Bro Via Unsplash
Published at Thu, 09 May 2019 10:36:58 +0000
