Bitcoin has experienced yet another rejection at resistance around $8800 – $9000, and while $200 may have been a nasty pullback for some, other simply think bitcoin is going through the necessary motions to reach $9k. Here’s are what the analysts of crypto twitter have to say …
Right now Bitcoin is trading at around 8700, after a slight pullback to $8600 and a hike to current levels:
BTC/USD Chart provided by Tradingview
Earlier today Bitcoin once again tried to breach $9k; as many suggested there was a bull pennant which formed proving such an attempt likely.
Soon$BTC pic.twitter.com/A3j98UPSKD
— ฿it฿it (@BitBitCrypto) June 2, 2019
$BTC bullish price action
Bitcoin held support at $8530 and pushed past the previous resistance at $8731
Next target break above $8846 and Bitcoin is off to mid $9ks
Long term trendline from May has held as support (dotted line) watch this to hold as support moving foward pic.twitter.com/ufjVAhv9To
— Josh Rager 📈 (@Josh_Rager) June 2, 2019
However, this proved slightly too much for BTC which incurred a fairly hard rejection off of the retest.
One user noted that this latest move was playing out exactly as it should, with the #1 finding support within the lower trendline of the aforementioned bull pennant.
“BuT TA dOeSn’T wOrk” pic.twitter.com/0MbEWqJf90 https://t.co/dzX4Bq8sQQ
— youlike (@talktocrypto) June 2, 2019
One crypto analyst known as Crypto Michael suggested that following this dip, new lows were to be expected, but that the macro view hadn’t really changed; alluding to the fact that Bitcoin is still following a larger trendline
MASSIVE drop of $250 in the past hour, new lows are imminent from here!
Zooming out: Nothing has changed.
Really liking the higher timeframes plays, way more relaxing. pic.twitter.com/Zi3CSGIUQt
— Crypto Michaël (@CryptoMichNL) June 2, 2019
Another crypto analyst known as Tulips de’ Medici suggested that $9k will prove to be strong resistance, adding that a break through this level will likely lea us straight to $10.5k thanks to FOMO.
$BTC breaking $9k will most likely lead to FOMO up to $10.5k
There’s a reason the resistance has continued to stay strong at $9k
Trying to hold it together. pic.twitter.com/BT0PDTm8rX
— Tulips de’ Medici (@cryptodemedici) June 2, 2019
speaking of macro views, one analyst called filbfilb noted that 9k resistance was proving as stubborn as previous god-like levels around 6k, suggesting that the current price action is a “carbon copy” of the action we saw while BTC was attempting to break $6k.
Here’s my TA for the day
You’re welcome pic.twitter.com/0cMQM1I4Ja
— fil₿fil₿ (@filbfilb) May 21, 2019
“There was bouncing between the 61.8% and 87.6%, before eventually breaking through and then extending out towards fib level 4.272 at $8.5k,” relays the analysis
Furthermore, the analyst forecasts a move to $18.7k based on the previous price action beyond $6k.
Where do you think Bitcoin is going? Let us know in the comments!
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