During the latest BLOCKTV’s Zoo edition of Trader’s Take, Analyst Joe Saz addressed the present situation of the cryptosphere as a positive one, stating that Bitcoin is making beautiful, steady and strong progress in the market lately.
Saz said Bitcoin has managed to reject the dangerous phase around the $6K low, bouncing off with great consolidation as it moves higher and higher, and it is great seeing Bitcoin consolidate above the $7,300 region and upward.
Trader Saz averred that such a move is in accordance with his theory that Bitcoin will hit $8,200, and it won’t be a pipe dream but rather a good opportunity to remain long.
Saz said he hopes the transition is happening, and serious buyers are now entering into the space, and the closer Bitcoin gets to $7,500, $7,600, the better BTC will be for our an ultimate high, positioning into the $8K low.
When asked about the support line of Bitcoin over the past few days, the trader said BTC went down as low as $6,850, and after that, a rejection up from the $6,850 low was described by a lot of people on the daily chart as a confirmation of a very obscured inverse head and shoulder formation which would put the baseline of the inverse right shoulder at around $7,600.
Saz said we need a break out of the $7,600 for the head and shoulder to be validated, and once that is realized $7,800 and $8,200 would be easy to achieve.
The analyst said January might not be a terrible month for Bitcoin and the entire crypto market as we already have a higher low in consistence with the right shoulder.
Saz said he really wishes that buying and selling in the crypto space moves with a bullish takeover, adding that the next three days would be really important for Bitcoin and if we break above the head and shoulder, we would be more positive on the leading cryptocurrency.
Analyst Saz claimed that if BTC is able to achieve the above-stated level, then we can say that Bitcoin is transitioning from the price discovery stage into the bull market.
Saz Lashes XRP, Says the Crypto Coin May Not Perform Well Soon
Saz was asked about the performance of XRP on the table during the session and he said even though the cryptocurrency is also consolidating, $0.20 is really important for its growth.
Saz said the fact that XRP is still struggling to stay firm above $0.20 cent indicates that there aren’t too many spots of hope for the cryptocurrency.
The BlockTV analyst described that despite the myriads of good news surrounding XRP: partnerships with top banks, good results from ODL between US and Mexico and others, the cryptocurrency isn’t responding to the updates. Saz claimed Ripple spends more on advertising than anything else to make XRP have a name.
Saz concluded that he does not see the third-largest cryptocurrency by market cap performing well anytime soon, especially when bullish news expected to drive the price of the cryptocurrency arrives.