Traders remain vigil for the next Bitcoin trend after the bullish run of $7,300 to $10,600 cooled off. Although we’ve had crypto icons like Zhao of Binance assert that Bitcoin will soon witness a bullish rally that will take it above its year-to-date high, the moribund display of BTC around $9,100 and $9,300 has been somewhat unenthusiastic.
However, popular crypto analyst Jacob Canfield has just argued on why it could be awful to sell Bitcoin at this point.
Canfield addressed BTC’s backslide today, saying Bitcoin has again witnessed a slight pullback, retesting the $9,200 level. He added that traders and investors need to be really careful at this point especially if Bitcoin breaks away from this level.
“Got the $9200 retest to close my short. Careful if this level breaks,” Canfiled noted.
The Forbes’ guest trader said if Bitcoin loses this trendline, a selloff at this point will be abnormal.
Got the $9200 retest to close my short.
Careful if this level breaks.
Sell off could be nasty here if we lose this trendline pic.twitter.com/wo7c04pbwy
— Jacob Canfield (@JacobCanfield) November 7, 2019
Earlier while illustrating the trend of Bitcoin on the hourly chart, the popular TradingView analyst said the bulls need stronger momentum to reclaim previous price action as the bears continue to dip below Bitcoin’s support.
Nice test of the hourly trend.
Bears testing lower support levels. Bulls need a strong reaction here to reclaim price action. pic.twitter.com/OxFtEggQhg
— Jacob Canfield (@JacobCanfield) November 6, 2019
Bitcoin Price Caged By $8,000, $12,000 – Bloomberg Analyst
A monthly crypto market columnist on Bloomberg has disclaimed the possibility of Bitcoin exceeding its year-to-date high in 2019, refuting CZ’s prediction.
According to an extraction made by the chief executive of Three Arrows Capital, Su Zhu, the Bloomberg analyst, while affirming that Bitcoin is slightly bullish, said the trend of the cryptocurrency remains stuck between a $8,000, $12,000 price range.
The analyst said Bitcoin’s worst price correction for the year is over, but a strong bullish rally is also unlikely.
“October’s dip provides a good price-support level for Bitcoin, and we also think subsequent recovery momentum will prevail into year-end, as our fundamental, technical, on-chain and futures gauges indicate an upward bias,” the analyst affirms.
The analyst said according to their on-chain indicators, Bitcoin signals further maturation; however, this will bring excitement when Bitcoin sets new highs, but this is not likely in the near term.