above $3,000 is good for bulls, according to Crypto Michael.
The full-time trader and commentator said scaling between $3,000 and $5,000 was bullish, adding that a drop below $3,000 would result in an equally strong bullish makeover.
“The future perspectives of are brilliant, and we’ll laugh about $5,000 in some years,” Michael predicted.
Reminder to everyone whose not .
Scaling in between $3,000 and $5,000 is very good. Lower than $3,000? Fine, use some to buy some.
The future perspectives of are brilliant and we’ll laugh about $5,000 in some years.
Never , patience & calmth.
— Crypto Michaël (@CryptoMichNL)
The $1,000-bitcoin Prediction
The comments followed a $1,000 bottom target set by Tyler Jenks, the president of Lucid Investments, in the aftermath of April 11 bearish correction. The price plunged from $5,471 to $4,975 on the day and formed a fresh lower low towards $4,911 this Friday. Jenks tweeted shortly after the drop that was going to correct towards $4,000 and any failure to hold the level as support would extend ’s downtrend to as low as $1,000.
“I have not commented on since we broke up through the $4,000-4,200 resistance zone,” Jenks. “I believe we are headed back down to that zone and it will not hold. New low [are] coming. [The] target of $1,000 unchanged.”
Jenks was not the first analyst to have predicted a bearish outcome. Data researchers at Bloomberg had earlier said that would fall towards $1,500. The prediction came following ’s failed attempts to break a strict resistance area above $4,187. However, the asset broke out of it on April 2 in a surprising 23-percent jump.
But based on ’s yearly performance, it was still down 72.64 percent from its historical high.
Why is $3000-$5000 Range Bullish?
’s So-Called Bullish Range | Source: TradingView.com
The 2018’s most extended bearish phase brought every high capital to its yearly low. For , the low was $3,100. The area above the said level saw multiple downside breakout attempts since December 15. But each of them failed. On the contrary, every bearish effort met with a robust bullish response. The price rebounded from $3,100 many times, as a result.
At the same time, each price action to the upside met with an equally strong resistance area – as explained above. Nevertheless, bulls were able to break above it on April 2. The trend needle shifted to the buy side of the market after that.
What the market is seeing now is correcting lower from its overbought areas. The asset was at $5,086 during Friday’s session. It formed a lower high towards $5,109, without accompanying larger volumes. That explained traders’ cautious behavior around a potential support level at $5,000. Dipping below it will prompt to support crucial support levels near 50-Day MA, 200-Day MA, and an ascending trendline forming since December 15 last year.
If price fails to bounce back from either of those support levels, then $3,000 will serve as the last resort. will test it and form a double bottom scenario. It would be a signal to reverse the momentum – a potential bullish action.
Published at Sun, 14 Apr 2019 11:27:57 +0000
