Hello dear readers, in this post I will be sharing with all of you information related to the price action of the cryptocurrency market, specifically how about the projections currently being made by analysts with the Bitcoin price action.
In this regard, according to information disclosed by William Suberg on the cointelegraph news portal, Bitcoin traders have doubts about the current rally while one analyst is predicting a possible pullback to the $30,000 area, from my perspective a pullback is certainly predictable let's remember that the market has more than 1 month in a bullish direction, so, a pullback would take the previous action for granted.
The $33,000 level was presumed to be a popular short term target towards the end of the week, however, the $30,000 level was now the most important support level, however, in the last few hours the price action has shown some weakness which implies a high probability of seeing the price pullback.
In this order of ideas, Michaël van de Poppe founder and CEO of the trading firm Eight stated that a sweep is expected that could take us back to the $29,600 area, which is the most likely support.
Even if, the price pulls back from $30,000 the move cannot be understood as a bearish restart, as the pullback is only to consolidate the zone before we continue the uptrend.
Another positive aspect, is that for trader and analyst Rekt Capital was also convinced of bullish continuation as the final outcome, rating Bitcoin as "well positioned" on daily timeframes.
From my perspective, as I have been reiterating, I think that we are in a wide sideways zone that covers the $18,000 as the lower zone and the $30,000 as the upper zone, so we will see that the price will oscillate in this range before breaking to the upside.
SOURCES CONSULTED
Cointelegraph Bitcoin traders in 'disbullief' as analyst predicts $30K BTC retest. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Cointelegraph
