A crypto analyst who predicted Bitcoin’s recent drop to $8,000 says he no longer thinks BTC is poised for a bullish reversal.
Late last month, the analyst known as Crypto Cal told his 3,300 followers that BTC would rebound after reaching $7,500 to $8,000.
Now that the target has been reached, he says there’s no evidence to support a bounce, and he’s expecting a short-term return to BTC’s lows from February of 2018 at around $6,000.
“I literally can’t find any bullish arguments for BTC here. Breaks down from a 4-month structure into a clear bear flag.
I think it’s inevitable we see fresh lows. February 2018 lows are begging to be tapped in my opinion.”
Source: Crypto Cal/Twitter
Daily technical analyst Josh Rager agrees with the assessment and tells his 58,000 followers that a lack of buy-side volume has him feeling bearish.
“[Bitcoin is] currently ranging in between but with the inability to close back above $8,375 area after that fake-out to $8,800 and lack of volume. Leaves me feeling more bear biased.
Sorry, there’s no reason for me to feel bullish anytime soon until this range breaks up.”
Meanwhile, Josh Olszewicz of Brave New Coin is feeling far more bullish.
Olszewicz tells his 120,000 followers that the Ichimoku Kinko Hyo indicator, which utilizes different timeframes to identify areas of possible support and resistance, suggests Bitcoin is likely to head above its mean at around $9,300 in the short term.
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