The bitcoin price jumped on Monday, almost retesting the $9,000-level for the first time since May 2018 in what seemed like a clear bull run.
In the middle of bullish and bearish arguments are technical analysts that are predicting bitcoin at a six-figure rate – based on popular market indicators. But yet, a segment of those examiners are careful about a significant price pullback before anything big takes place.
Well recognized cryptocurrency trader and investor Josh Rager said bitcoin could possible correct by at least 30 percent on every top formation, citing the asset’s historical price behavior.
$BTC: Reward of buying pullbacks— Josh Rager 📈 (@Josh_Rager) 2019年5月23日
Previously examined how Bitcoin often experienced 30%+ pullbacks during last uptrend
But we didn't discuss how buying these pullbacks can reap rewards
The average gain after a 30%+ pullback was over 153% profit before the next strong pullback pic.twitter.com/vy08Dx5XbU
“The average gain after a 30%+ pullback was over 153% profit before the next strong pullback,” stated Rager.
Cred, another famous cryptocurrency analyst, also envisioned a potential pullback scenario in which the bitcoin price could fall as low as $6,182 due to its overbought conditions. Nevertheless, the alias remained bullish from a long-term perspective.
$BTC High Time Frame Analysis— Cred (@CryptoCred) 2019年5月27日
Broke through resistance with no pullback to the level.
$8200 area is technically support now. Losing that level would indicate a short-term top & almost certainly take us to the range low.
Overall bias: buying HTF dips unless below red level. pic.twitter.com/rOAHfs1HOv
“I have no reason to turn bearish yet – even if this range breaks down I’ll be a buyer at mid 6,000s (where we last wicked). A breakout would take us to roughly $10,000,” wrote Crypto Cred ahead of Monday’s price rally.