Analysts Predicts Correction on Bitcoin [BTC] Below $10k – Here’s Their Short-Term Outlook

Bitcoin [BTC] has continued to trade above the $11,000 with considerable attention and progress around the world. The long term ‘hodlers‘ seemed rooted in the cause at the moment. However, the short term traders are uncertain of the Bitcoin’s next move.
Murad Mahmudov, the Chief Information Officer at the adaptive fund and a prominent crypto-analyst, recently, reiterated this long term bullish stand. He confirmed that Bitcoin would eventually by 100k apiece. However, it can see significant ups and downs from these levels. He said,
Don’t try to outsmart yourself on short timeframes, zoom out & think big. In my view, BTC is going to $100K per orangecoin.
Nevertheless, in the short-term to the medium term, he is looking for a correction down possibly to 10,850 to $9350. According to him, the RSI – Relative Strength Index, which is a momentum indicator is currently in the neutral range inclined towards the over-sold region. He predicts that it will touch the bottom of the channel – 30 before the next bullish action resumes. He said,
Locally a derisked long would be a 4H RSI reset & a breakout of the black diagonal, which pretty much aligns with the wedge breakout.
200MA/EMA/RSIbands+Weekly support all point to 10.8 but you may get a wick at most given the orderbook support across exchanges.
The Relative Strength Index on the 4-Hour Chart (TadingView)
The Relative Strength is currency pointing at 34. Hence, a reset can be achieved sooner than one expects. On the daily chart, On the weekly chart, Bitcoin has formed a bullish flag with a target at $20,000. Richard Heart, angel investor and analyst tweeted,
#Bitcoin Bull flags Next stop $20,000
BTC/USD Chart by TradingView
However, Tone Vays and Sawcruhteez‘s outlook on the weekly scale was mostly neutral. They would look for a confirmation for a bullish trade while looking out for bears.
Furthermore, on the daily scale, Tone Vays is still looking for a short-term correction from the sequential, which could possibly correct to $9000 levels. Moreover, the partial 1-4 correction on the daily according to sequential could reverse bullish to break above $11,700 again or could continue a bearish trend for the next few days.
Mahmudov’s suggestion among all this is, “I would be patiently and slowly adding at every key support.”
Do you think that Bitcoin would break All-Time Highs in 2019? Please share your views with us. 
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Source: CoinGape

Bitcoin [BTC] Death-Cross Looms as Price Holds Above $10,500

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.
BTC/USD 1-Day chart on Bitstamp (TradingView)
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,
$BTC 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.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
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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Source: CoinGape

Bitcoin [BTC] Plunges by 11% as Regulatory Hurdles and Analysts Project Further Downside

Bitcoin and cryptocurrencies created a colossal wave last week as the US President finally decided to speak about them. While he spoke against it, the price jumped the following by nearly 7% as Bitcoin supporters seemed to take it positively.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
The price of Bitcoin at 4: 00 Hours UTC on 15th July 2019 is $10,280. It is trading 9.8% lower on a daily scale. The low recorded during the bearish action in the past 24 hours is around $9850.
Furthermore, Ethereum suffered an even bigger blow as it plummeted about 18% to lest $220 levels. Bitcoin Cash and Litecoin as also dropped by 17% and 11% respectively on a daily scale.
Price Analysis
The bulls seem exhausted at the moment as Bitcoin broke below its parabolic advance. This was earlier also emphasized by Peter Brandt, who sent a very subtle tweet about a “rendering BTC” pointing to a graph. We believe that it signifies a surrender from the bull run.
Bitcoin Price Analysis of the 1-Day chart (Peter Brandt)
Sawcuhteez, a crypto-trader, and analyst suggested that from the weekly analysis that the medium-term outlook was bearish. According to candlestick analysis on a weekly scale suggested a continued bear move looking at the prior two candles.
This is definitely pointing towards continuation to the downside over the next few weeks as far as I am concerned. We did have this shooting star followed by a bit of a hanging man… Not a very bullish looking candle between a hanging man and a spinning top. Both are reversal candles.
BTC/USD 1-Week Chart on Bitstamp (TradingView)
On the long term analysis, Sawcrhteez referred to the Ichimoku cloud, which is still bullish in the long term. However, in the medium term, a break to $7500 is possible in the next few weeks. Tyler Jenks, another crypto-trader and analyst, reiterated his bearish stand.
Just the fact that both the two numbers $7500 and $8500 were the old highs as we came down in the bear market in 2018. And that’s the only reason I had picked them up and technical indicators are beginning to zero-in in the same area.
The other worrying signal at the moment for Bitcoin bulls is the fact that NVT analysis pointed out by Willy Woo is bearish. Essentially, it signifies that the on-chain volume compared to the total Mcap at the moment does not validate a bull run at the moment.
Furthermore, the institutional inclusion of Bitcoin and blockchain has grown tremendously in 2019. However, the ambiguous regulations around it have still kept things on hold, and as the governments continue to take a negative view of it, the rate development around crypto is hindered — recent developments in the US point at a complete closure of the Libra project.
Recently, the comments by Trump and Fed Chairman’s against Bitcoin and Libra, which were initially welcomed as healthy criticism of the industry seem to have halted the euphoria around prices.
Do you think Bitcoin will break bearish or will pullback will further strengthen the bull run? Please share your analysis with us. 
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Source: CoinGape