Coingape - 8/13/2019 3:22:31 PM - GMT (+0 )
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,
The Relative Strength Index on the 4-Hour Chart (TadingView)
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 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,
BTC/USD Chart by TradingView
#Bitcoin Bull flags Next stop $20,000
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.
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