THELOGICALINDIAN - Bitcoin Must Hold the 17800 Region
Bitcoin has amorphous to appearance signs of weakness afterwards a able bead aftermost week. The bread currently trades for $19,000, beneath the $19,900 year-to-date highs but aloft the $18,200 bounded lows.
Some analysts abide bullish admitting the contempo bottomward amount action. Nik, who goes by Truenomic on Twitter, afresh commented that he thinks Bitcoin will be bullish unless the cryptocurrency break beneath the $17,800 region. He aggregate a blueprint that shows that this arena is a akin of abstruse accent for BTC on a medium-term basis.
He thinks that if that akin and added key abstruse ranges can hold, Bitcoin may be trading in a adorning block or a Livermore accession cylinder. Both patterns could be apparent as bullish, as they generally mark a bazaar that has more college lows and college highs:
There are some analysts cogent apropos about Bitcoin’s contempo amount action, though.
John Bollinger, a allegorical abstruse analyst accepted for creating the Bollinger Bands indicator, says that Bitcoin may be basic a top formation:
Of note, he fabricated this animadversion afore BTC fabricated a additional attack at breaking the $19,800 region. It is cryptic if this retest of a macro attrition afflicted the bazaar in any means that may accomplish him change his assertion.
Long-Term Trends Bullish
Long-term trends are acknowledging amount activity as well, analysts say.
As reported by Bitcoinist previously, Willy Woo, an on-chain analyst, thinks that Bitcoin will hit $200,000 and above abutting cycle:
Analysts are additionally bullish due to the supply-demand activating that has been acquired by the halving. The activating should force appeal college about to supply.
