- Analyst Foresees Larger Upward Growth for Bitcoin This Week
- Bitcoin to Continue Downward Trend If……
The cryptocurrency market led by Bitcoin is yet to make the actual recovery people yen for after plunging from the $13,800 hallmark price of the year. Bitcoin did it worse by deepening to around $9,000, but the king of crypto is now hovering between $10,000 and $11,000.
While Bitcoin continues to underperform in the market, some analysts are of opinion that BTC has nothing to keep it up in the space and drive towards the floor is imminent.
However, other experts opine that the present situation of the market represents a mere pullback that won’t last for long before another bullish rally is initiated and Bitcoin will be back at the ceiling.
As Bitcoin continues to trade low in the cypto market, analysts Josh Rager have warned that we should be watchful of the $,10,189 zone, as a break below could lead us to 9 digit Bitcoin value.
Analyst Foresee Larger Upward Growth for Bitcoin This Week
After proper observation of Bitcoin’s present trend, Josh Rager thinks some level of volatility is up in the market, and the downhill drive BTC is buoying could only be less dangerous if a strong support is formed above $10,000.
However, the trader added that we should be expecting Bitcoin to demonstrate a lager upward move this week. This was revealed in a chart captioned by the analyst.
$BTC some volatility on the lower time frames but still expect larger moves this week
Support currently holding… pic.twitter.com/2YMzySw7eU
— Josh Rager 📈 (@Josh_Rager) July 22, 2019
At present, Bitcoin holds a strong support above $10,000.
Bitcoin to Continue Downward Trend If……
Here comes the other side of the market. The volatile nature of Bitcoin in the market and its failure to stay above $11K in recent time initiated a contrary opinion from another trader in the market.
Known as Hodl2100K on twitter, the trader said he foresaw an incessant downward trend pattern for Bitcoin, and this would be happening only if two things happen.
– I could see this downwards continuation pattern see playing out only
– If price is not able to close above first bear fractal
– And if it's able to violate the 2 level then TP would be at 4 using 1:1 extension pic.twitter.com/KhSccizzlt
— h⬡dl21⬡⬡k (@h0dl2100k) July 22, 2019
Hodl2100K said if Bitcoin is unable to stay above the first bear fractal which has a barrier around $9,500, and the crypto asset violate the 2 level (below $9,200), then it would be dangerous for the market as BTC would likely witness a continuous downward play out.