Bitcoin Price Bleeding Make Analysts Focus on Short-Term PA
The bullish euphoria that took Bitcoin price like a storm is over and now the whole crypto market is bleeding. Bitcoin lost almost 5% of its value in the last five days, which indicates the Bitcoin bears have appeared again. Even the short-term bounce that started in the middle of the previous week and which give hope to the bulls is starting now to dissipate.
Bitcoin analysts appeared to be on the defensive and focus more on the short-term price action. The growing uncertainty as to how the crypto market will cope with regulation has made chart reading harder even for the most skilled analysts. OctaFX_Official, the analyst who give regular Bitcoin price forecasts on TradingView, described the recent price action as a continuous battle between the bulls and the bears.
Bitcoin trader, BillCharison shared a similar conclusion in his latest analysis published early this week. He is arguing that the short-term price action is developing a horizontal channel that can provide both short and long short-term trading opportunities.
Moving forward, we’re going to outline what arguments these prominent experts bring to justify their respective forecasts.
OctaFX_Official — BTCUSD watching $11,100
Prominent analyst @OctaFX remains in defense and in his latest forecast shared among his followers he pinpoints important support and resistance levels. Despite holding the ground in early Monday trading, OctaFX_Official noted that the bulls really need to conquer the resistance level $11,100 for a sustained move to the upside.
Even though this analyst approach is very minimalist he managed to tame down a pretty messy congestion zone. This respected analyst also has his eye on the support level $9,100, which he said would be key, if the bears want to get in charge.
There are other intermediate support and resistance levels noted through his research, but what’s more conclusive is his bearish Elliott Wave count seen on his chart. If we have indeed completed a five wave cycle to the downside the odds are more stuck on the bearish side. However, we need first confirmation and a break below the key support level.
OctaFX_Official has a well-established track record and out of the last 5 Bitcoin predictions he managed to correctly map the price of Bitcoin on three of these occasions.
Let’s now move forward and see why how the next trader is able to make any sense out of the current short-term Bitcoin price action.
BillCharison — BITCOIN, Consider Local and Global Priorities
Cryptocurrency market analyst @KlondikeRush shared a much elaborated short-term analysis that highlights both buy and sell trade scenarios. He managed to correctly forecast where Bitcoin is heading in the short-term by pointing out the retest of the big psychological number $10,000 during the first trading day of the week.
According to his market forecast, as long as Bitcoin trades above the big round figure $10,000, there is a potential $1,000 rally in the cards. In case BTCUSD will take hold above $10,000, this crypto fanatic sees a rally towards the $10,800 — $11,000 zone.
This savvy Bitcoin enthusiast actually recommends his followers to focus on the buy side and to try to catch a long position in the $10,000 region. Don’t forget that no one has a crystal ball and there is always inherent risk associated with trading.
Looking through BillCharison track record, it seems that he has outstanding analytical skills that helped him to correctly forecast Bitcoin trend in four instances out of five attempts.
Thank you for reading!
