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Following yesterday's volatile price correction which saw Bitcoin clear $9,000 before dropping down to $8,000, traders have expressed their opinions on where BTC could be going next. Chepicap looks to the traders and analysts for their interpretation of what’s next for Bitcoin.
Bitcoin once again saw another $1,000 daily move in price, reminding everyone just how volatile the world's most popular cryptocurrency can be. The daily candle saw a 13% move from the daily high of $9,100 to the daily low of $8,021 on Binance.
BTC/USDT Chart provided by Tradingview
Popular cryptocurrency analyst Luke Martin believes Bitcoin is currently still looking bullish, provided it can hold resistance above $8,180. However, he does mention that he will be keeping an eye on the daily candle, and if the $8,180 support breaks, Martin believe we will see more downside.
**One note - anything counter short term trend has a lower likelihood of being correct. This has a greater chance of breaking down than holding.
— Luke Martin (@VentureCoinist) May 31, 2019
But until it does I prefer to be long or at the least not short at support.
Other crypto personalities who commented on the recent move, believe BTC is in an important area where price could either move up or down and prefer to stand on the sidelines. CryptoDog commented saying "I'm not smart enough to know what happens next, but I'm smart enough to know that I don't know. I'm still macro bullish - we are officially in a bull market. On a grand scale I'm favoring longs over shorts from here on out, but not here, not now. I will be patient and wait."
I'm not smart enough to know what happens next, but I'm smart enough to know that I don't know.
— The Crypto Dog📈 (@TheCryptoDog) May 31, 2019
I'm still macro bullish - we are officially in a bull market. On a grand scale I'm favoring longs over shorts from here on out, but not here, not now. I will be patient and wait.
DonAlt took another approach and has shorted BTC at these levels, expecting some more downside to come. The trader admitted that their stops are extremely tight, should BTC push upwards again, but will be keeping an eye open on the monthly close later today.
$BTC
— DonAlt (@CryptoDonAlt) May 31, 2019
Took both of these, my own stop loss is a little tighter (And R:R better) but I'd rather not disclose it, slippage is bad when people copy it.
I'll monitor the trade depending on the monthly close tomorrow & price movements.
First-time net short BTC this year. pic.twitter.com/Qqi7zTWPvP
Pierre_Crypt0 believes that the daily close above $8,200 means bullish sentiment is still in play, and expects support to be established at this range over the next days. The trader also admits that there is more chance of BTC breaking down than holding resistance at these levels
On the other hand bearish scenario but optimal one would be to break $8,200 for good, dive into $7,800-8,000 before retesting $8,200 and break down.
— Pierre (@pierre_crypt0) May 31, 2019
Again, these are "ideals" scenarios IMHO.
Cheers
TraderMayne also believes $8,200 to be a significantly key level of resistance for BTC, stating that " if it's lost I think we fall much further".
$BTC
— Mayne (@Tradermayne) May 31, 2019
$8200 level is key for the bulls IMO if it's lost I think we fall much further. As you can see it has been a very important level for a while.
A potential short, not sure if we get it would be a lower high at $8700. If we can regain $8700 I think you get net long AF. pic.twitter.com/Zn5mrseoXG
Satoshi Flipper takes a more passive approach, stating that it is pointless to try and predict the market.
Does this look like $BTC price action heading to $7k?
— Satoshi Flipper (@SatoshiFlipper) May 31, 2019
This is why it's typically pointless to make predictions. My portfolio does much better when I react to PA rather than try foolishly to predict it.
Half of you tomorrow will be deleting your charts. Count on it. pic.twitter.com/B87PDR6tVe
It appears that while the market is experiencing a bull run, BTC appears to be on the fence about pushing for more upide or testing lower levels once again following its massive surge from $3,200 up to $9,000 this year already.