MEXCBitcoin Bears Need to Drive Down or Bulls will Inevitably Take Over Control: Technical Analyst
Bitcoin is looking for an upward movement at $6,372 while technical analyst says, “Bears need to drive down here, otherwise Bulls will inevitably take over control.” Another technical analyst shares a bullish momentum driven by Bakkt.
Bitcoin Gaining Traction
At the time of writing, Bitcoin has been trading at $6,372 while down by 0.49 percent in the past 24-hours. While BTC dominance is flickering at about 53.7 percent, the daily trading volume has also taken a hit as it drops to $3.8 billion.
Bitcoin price is looking to resume the climb as it gains traction to make a bounce. So, an upside target seems to be on the way with technical indicators hinting at bullish momentum.
Popular technical analyst and crypto enthusiast, Crypto Yoda shares this in his latest Tweet,
“Some $BTC observations: First, trendline broken & currently being retested. Second, total MKT CAP seemingly exhausted at previous High support. Third, Ancient Trendline respected, decision-time soon.
In conclusion: Bears need to drive down here, otherwise Bulls will inevitably take over control.”
Some $BTC observations:
1) Trendline broken & currently being retested
2) Total MKTCAP seemingly exhausted at previous High support
3) Ancient Trendline respected, decision-time soonIn conclusion: Bears need to drive down here, otherwise Bulls will inevitably take over control pic.twitter.com/p60bCmSzdX
— CryptoYoda (@CryptoYoda1338) November 1, 2018
90052608
Meanwhile, crypto trader and technical analyst, Alex Krüger says in his Tweet, Bakkt will lead Bitcoin’s recovery while the rejection of Bitcoin ETF by VanEck SolidX will lead to a crash.
“Possible outlook for BTC: First, bull run on BAAKT & renewed ETF approval narrative early 2019. Second, ETF denied Feb/27, massive crash, goodbye 6k, hello 4k, cleanse all weak hands. Lastly, halvening 2020 narrative and re-adjustments lead to a sustained bull run for the rest of 2019 & 2020.”
When it comes to Bitcoin ETF approval, recently, Reggie Browne, the “godfather of ETFs,” shared that it won’t be happening “no time soon.” Senior managing director and head of ETF trading at financial services firm Cantor Fitzgerald, Browne shared the current state of Bitcoin ETF while speaking at Georgetown University’s Financial Markets Quality Conference in Washington D.C.
“It’s very difficult for the [Securities and Exchange Commission (SEC)] to wrap their heads around a positive approval because there’s no data yet … the markets just aren’t here.”
However, the latest 50-pages report by Morgan Stanley is bringing a fresh wave of positivity in the crypto market as it claims that Bitcoin is no longer a store of value but an institutional class of asset despite the bear market.
- Solana Foundation Manager Vibhu Challenges Ripple Execs To Public “Facts-Only” XRP Debate
- Teucrium Files for Flare Network ETF as XRP Minting For FXRP Tops $120M
- Waller Signals December Fed Rate Cut Despite Powell’s “No More Cuts” Stance
- BitMine Buys $29 Million in Ethereum as Kalshi Traders Cut $5,000 Price Odds to 34%
- Bitwise XRP ETF Moves Closer to Launch as Firm Submits Final S-1 Filing
- Pi Coin Price Prediction After AI Investment Announcement – Is a Bull Run Ahead?
- How High Can Zcash Price Go In November?
- SOL ETFs Records $44.4M in 4 Days: What’s Next For Solana Price?
- Why Is TAO Price Skyrocketing Today?
- After 1,993% Burn Spike, Is Shiba Inu Price Set for a Major Trend Reversal?
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
