bitcoin Charts Seem Bearish
() may just have bounced back from another sell-off, moving from $7,600 to $8,000, but one analyst is still sure that the market is currently topping.
Analysis group Bravado’s Jack, who ’s move to $8,000, broke down his thoughts on the matter in a . He notes that recently reached its “FAPFAP” bear market average price level, which Jack claims signals an impending reversal, as he saw similar patterns in gold, the S&P 500, and in its history. What’s more, is currently at the monthly and weekly resistances from July 2018, which the leading was rejected from when it attempted to break out.
He goes on to draw attention to the fact that parabolic advances, like the one that digital assets across the board just experienced, always result in a 60% to 70% retracement, which would result in heading back to $5,000 or $6,000. And, to top that all off, Jack bluntly points out that longs are clearly consolidating on BitMEX; volume has slowed, despite the recent rebound; the -backed exchange-traded funds are off the table; and altseason, especially for an asset like , seems to be right on the horizon. Not the prettiest signs.
He isn’t the first to have recently been bearish on for a medium-term time frame. As by World News previously, Magic Poop Cannon, an ill-titled technical analyst that called last year’s decline from $6,000 to $3,000, noted that there’s a likelihood that the bull market isn’t on yet. Per previous reports, the trader explained that there are clear signs that is overextended: the Money Flow Index and Network Value to Transactions ratio have both neared the top of their oscillators, which is a pattern that has historically preceded drops of over 80%.
He adds that ’s current rally makes no logical sense, pinning the irrationality of this market to institutional investors, futures, desks, high-frequency , and other factors that have been known to manipulate the underlying nature of markets.
Yet, others have been a tad optimistic, stating that still has some fuel to boom. Popular commentator and trader Galaxy that is currently in a symmetrical triangle pattern (even after today’s $300 plunge), which studies state has a 60% chance of leading to a price breakout. If this breakout occurs, the analyst suggests that a move to $10,000. A breakout could occur any time within the next three weeks.
And more optimistically, analyst Nebraskan Gooner that his proprietary “Top Goon X” indicator, which has historically flashed “buy”/”parabolic” to precede massive moves to the upside, has just issued a signal after over three years of inactivity. And, just as importantly, ’s current one-day chart looks much like it did prior to ’s rally from $200 to $1,200 in 2013.
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Published at Sat, 25 May 2019 02:13:53 +0000
