Hopes of a for better accumulation opportunities are fading. It has
been clear from the crypto twitter verse that many had been waiting for a drop
back to $6,000 to load up again but the opposite has happened this morning as
surges back towards $8,000.
Big Pump During Asian Trading
has spent most of the past 24 hours sideways
at $7,300. Daily volume has trailed off somewhat dropping to a low of $20
billion and indicators were starting to signal another drop. Many analysts had
predicted a plunge to support at $6,400 or below. Talk of a bull trap and
reaching its top were just a few hours ago. Some were stating that was extremely
overbought and a plunge was imminent.
The complete opposite has just happened with surging 8%
on the day from a low of $7,250 up to above $7,800 where it currently trades. with another prediction that the chart was showing a head and
shoulders pattern indicating that was about to dump. Trader Josh Rager ;
“CNBC calling head & shoulders… And I really wanted to buy the dip down to low to mid $6ks. Was a clear counter indicator as is starting to pump,”
With ‘Bleeding Crypto’ adding “This shit never fails!! The
market does the exact opposite of what they post everytime… WOW!!”
Where Next For BTC?
Rager continued with some analysis stating that next targets
would be around $8,200.
“$ – 1 Hour Chart. certainly looks to be pumping, now over previous resistance. Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior). A close above $8200 on the daily/weekly would be very bullish and would target $9600+”
$8,200 is the previous resistance zone so may well
head there today, a pullback could lead to the correction that everyone has been
waiting for. However, if the bulls can maintain their buying pressure could
break all the way through $9,000.
’s dominance is back to 57% and the move has pumped
$18 billion back into crypto market capitalization which has returned to $245
billion. The are also getting a boost with , and adding
over 4%, Cash 6% and Coin flying with an 11% surge on the day.
Published at Sun, 19 May 2019 04:33:13 +0000
