Bitcoin [BTC] Gains Over 5%; Is US Rate Cut View the Cause as Traders Turn Bullish?

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Bitcoin [BTC] Gains Over 5%; Is US Rate Cut View the Cause as Traders Turn Bullish?

Bitcoin’s positive momentum after the swift pullback has gained considerable momentum. Bitcoin [BTC] Futures Trader, Jim Luorio called the target at $11,850 which he called two days earlier as Bitcoin moved above 10,850. The price of Bitcoin at 4: 30 hours on 4th July 2019 is $11,833.

Furthermore, Jim and Scott Nations were both impressed with the way Bitcoin is moving against the dollar. This was witnessed yesterday as well with the dollar slipping against other currencies due to rate cut view, while Bitcoin gained 5% on the daily scale.

Also Read: Expert Opinion: Is Bitcoins’ Increasing Correlation with Gold Backed by Common Cause?

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BTC/USD 1-Day Chart on Bitstamp (TradingView)

Nevertheless, correlation does not mean causation, and hence, it can only be viewed as an assumption. Scott Nations expressed similar sentiments, he noted in the interview,

“Why somebody might actually use Bitcoin is digital gold. Neither Bitcoin nor gold has any inherent value. It’s just the belief that it’s gonna do well when everything else is doing poorly.”

Carter Worth, American financial analyst and stock market strategist, who is also voted #1 in 2017 Institutional Investor conducted his analysis on Bitcoin. He had earlier also predicted the break above $10,000 and is now bullish again after the pullback. He said about the rise,

“It’s quiet optical; it’s orderly despite all the sensationalism. It has been a well-defined trendline… I think it’s an opportunity to go long. If you’re not long already.”

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Carter Worths’ TA Positive Trendline (Source: Video)

Tone Vays, Derivatives trader and crypto-analyst, who has been skeptical about the rise since $5000 levels finally seem to be turning to a bull. While he was slightly uncertain with the weekly charts personally, however, a continued momentum above $14000 would be a bullish trend confirmation. He said in his daily update,

“So if I do declare that Tone Vays is bullish in the market and it happens at $14000. Tone Vays doesn’t have a problem with it.” He also added, “Bitcoin is almost there but not yet there.”

He also noted that he would start becoming bullish at around $12500 in the near future. Nevertheless, he said that one should follow their trading strategy, and the volatility could also drive it down to $4500. Hence, caution must be practiced with stop losses.

Do you think that Bitcoin will go full bullish or a deeper pullback awaits? Please share your views with us. 

 

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Bitcoin [BTC] Gains Over 5%; Is US Rate Cut View the Cause as Traders Turn Bullish?
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Bitcoin [BTC] Gains Over 5%; Is US Rate Cut View the Cause as Traders Turn Bullish?
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Bitcoin's positive momentum after the swift pullback has gained considerable momentum. Bitcoin [BTC] Futures Trader, Jim Luorio called the target at $11,850 which he called two days earlier as Bitcoin moved above 10,850. 
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Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Journalist 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

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Nivesh Rustgi 604 Articles

Nivesh from Engineering Background is a full-time Crypto Journalist 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

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