Bitcoin [BTC] price gained about $1000 in 30 minutes on 18th July 2019 which came as a surprise for most traders. While the traders perceive whale action as the reason behind, reportedly, a revelation of China’s stand on Bitcoin might have something to do with it.
It was an important milestone for the future of Bitcoin and its holders in China. However, the bullish action seems to have exhausted yesterday itself. The price of Bitcoin [BTC] at 5: 00 Hours UTC on 19th July 2019 is 10,511. It is trading 7.07% higher on a daily scale.
However, the Techincal Analysis of Bitcoin also continues to baffle the trader at the moment. This is because most traders had turned bearish after Bitcoin’s below $10,000 and subsequently below $9600. B. Biddles expressed counter trading sentiments in the market. He said,
My take: If L:S ratio really is 4:1 rn, then a lot of money to be made shaking out longs… Atm I think crypto is just Game of Squeezes.
Moreover, Sawcruhteez also suggested a bearish reversal looking at the resistance from the Exponential moving averages and sequential analysis on the 4-Hour. He tweeted,
$ on a 4h green 9 as it tests the 50 and 200 EMA’s for resistance. Last candle shows signs of a reversal as does this one. As long as we are below $10,700 I am viewing this as a selling opportunity.
Furthermore, in his Hyperwave channel on YouTube, he also talked about the death-cross that is forming in Bitcoin [BTC] at the moment. The 50-Day EMA already moved below 100-Day 100 and is now looking to cross the 200-Day EMA which could be a massive bearish signal.
Moreover, derivates trader, Tone Vays also indicated that the rise was surprising and the direction that Bitcoin will follow is uncertain. According to his analysis.
“$10,000 – 11,200 is in a no-trade zone for me.” He also said, “The next time Bitcoin [BTC] breaks and closes above $12,500 that’s when I’ll be convinced new All-Time Highs are coming. Until then I am looking for new lows.”
Do you think that regulatory and media attention would confer otherwise or you are currently bearish as well? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com