Having shot up above the $8,000 on the weekend but falling short of touching $9,000, Bitcoin is now looking to make this jump. At the time of writing, BTC/USD has been trading at $8,720 with 24-hours gains of 0.15 percent. BTC -1.36
- “Bulls clearly in control”
- If BTC stays at $8610 and above, it is a good sign
- Major support at around $8,700 while last resistance before the new highs is around $11,600
— Weiss Ratings (@WeissRatings) May 27, 2019
This surge has the Bitcoin shorts getting the horn but then again yesterday, from around $8,914, it flash crashed to $8,675, seeing a loss of about $300 under 5 minutes.
Regarding this violent dump, crypto trader and investor Josh Rager says it hurt the altcoins across the board in USD value while some of the altcoins/BTC level are doing just fine. This $300 drop in five minutes isn’t “too bad” said Rager but it came out of nowhere.
Rager further cautioned that going up we would be seeing 20 to 30 percent drops but if we keep moving up, Bitcoin is bullish. Rager says the current area will hold as according to him this move was to liquidate longs.
“If BTC can stay at $8610 and above should be a good sign & the next area I’d be watching is $8440 to $8470.”
Rager further talked about the similarities between the current move up and the $1000 pump we saw in April. At that time, the price dumped several hundred before it started moving to $6,000.
So, sharp pullbacks like we saw of $300, can lead to both longs to be liquidated and stops to be swept before we push for new highs.
2019 Bull Market
There seems to be no doubt that we are in the bull run which is further proved by the 3-day Super Guppy which has flipped green. Rager says, the last time this happened, it led to a 25 month uptrend.
$BTC: 3-Day Super Guppy Flipped Green
I’ve been waiting for this for weeks to confirm the bull trend
While the 1-Day Guppy can give fake-outs, the 3-Day is a nice signal for continuation and that dips are buying
The last time the 3D flipped green it led to a 25 month uptrend pic.twitter.com/fHwPs2EtSE
— Josh Rager (@Josh_Rager) May 28, 2019
The similar sentiments are shared by the crypto trader and analyst, DonAlt who says “Bulls clearly in control, not trying to fight the trend.”
The 8200-8400 area this week is where he is looking for leveraged buys. According to him, around $8,700 is the level that has the major support and if fails, around $6,200 is the reload area.
However, when moving upwards, around $10,000, we could face resistance and then the last resistance before the new highs is around $11,600.
Bitcoin is up 140% YTD. The same experts who repeat that “only price matters” and “good traders anticipate perception shifts” continue to mock the surge and are underperforming the S&P instead.
— zerohedge (@zerohedge) May 27, 2019
While the majority of the experts, analysts, and traders are calling out this to be the bull market, crypto analyst Magic Poop Cannon is steadfast on his “Bitcoin is Linear & This is A Bear Market Rally!” as he says a rollover is going to be violent that could see Bitcoin going below December 2018 low on October 9th.
However, one thing is clear this bull run is going to be bigger than the last one we saw in 2017 as this time we are seeing some of the largest retailers accepting BTC, custodian storing and firm trading the leading cryptocurrency. We also some of the largest fund investing, media coverage and of course the governments fighting.
- Source: First Appeared Here
- Published Time: 2019-05-28 14:20:45
The views and opinions expressed in the article Bitcoin Super Guppy Flips Green, the Last Time it Did BTC Price had a 25 Month Uptrend do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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