Bitcoin Buyers Exhausted: Is This a Pause Before the $10,000 Push?

BTC is weak, down 6.1 percent
Real FOMO is after BTC blast past $10,000 according to Tom Lee

After two months of higher lows and higher highs, BTC bulls are exhausted. In the last day, the asset is down 6.1 percent. As bears press lower, it is likely that prices will crumble to $7,500 or worse in an inevitable correction.

Bitcoin Price Analysis


There is a market-wide price dump, and understandably so, Bitcoin is undergoing a correction. Like most high liquid crypto assets, BTC is registering losses. Earlier today, the worlds most valuable asset fell, shedding 6.1 percent. The flash dump saw BTC lose $700 in roughly two hours.

Accompanying this price recalibration was a spike in trading volumes. Although market participants are technically bullish in expecting BTC to shake off sellers, the uptick in participation countering the main trend reeks of weakness.

Because of this, BTC may crumble, hurting traders with lofty targets that are eyeing the key $10,000 level. But then, according to Mike Novogratzand several analysts who have looked to dropping trading volumes and Bitcoin’s consolidation potential, todays retracement reaffirms their doubts.

As a result of this, the odds are, many will end up their long positions in a panic, therefore withdrawing liquidity and fracturing the market.

Candlestick Arrangement

At the time of press, Bitcoin (BTC) is changing hands below the $8,000 mark. Meanwhile, prices are down 6.1 percent from yesterdays close. Although traders are optimistic, it appears as if bears are back in full force. Accompanying yesterdays loss were high trading volumes. Furthermore, yesterdays candle was wide-ranging with the resulting candlestick closing below the middle Bollinger Band (BB).

For the last few months, the middle Bollinger Band (BB) was flexible support. As such, this breach could dent buyers momentum following a consolidation below $8,500 in the previous week of May.

Besides, traders should also note that the June 3rd candle did, in part, confirm the selloff on May 30th. Therefore, in a bear confirmation, yesterdays drawdown will likely trigger a correction towards $7,500, $6,600, and potentially even worse, the $5,600 range in a bearish retrace.

Technical Indicators

In light of the above, May 30th bear candle anchors this trade plan. As mentioned above, it is broad and it from there that BTC prices are oscillating in. Apart from that, the bar has high trading volumes of 31k against 19k of May 26thand yesterdays 16k reading.

Since BTC is correcting, any drop below $7,500 or surge above $8,500 should preferably be at the back of high trading volumes exceeding 31k of May 30th.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

The post Bitcoin Buyers Exhausted: Is This a Pause Before the $10,000 Push? appeared first on NewsBTC.

04.06.2019 / 11:20 64
Samsung News Bodes Well For Ethereum (ETH), Even Amid Price Crumble Samsung News Bodes Well For Ethereum
Ethereum (ETH) fall 11.7 percent Samsung could introduce crypto and blockchain functionality in their budget phones In correction of mid-this weeks
Bitcoin (BTC) Correction in Progress, Another $1,300 Drop Likely Bitcoin (BTC) Correction in Progress,
Bitcoin (BTC) slide 10.9 Percent Bitstamp flag a large sell order that caused a market imbalance, over-pricing BTC Not surprising, Bitcoin (BTC)
Bitcoin (BTC) Dominance Jump after Price Spike, Analysts Cautious Bitcoin (BTC) Dominance Jump after
Bitcoin (BTC) up above $6,000 adding 12.4 percent Divergence in volumes despite strong fundamentals Analysts are throwing caution to wind warning
Ripple (XRP) Fundamentals and Technicals Sync, Bulls on the Way Ripple (XRP) Fundamentals and
Ripple (XRP) up 3.5 percent Comments from SEC will clear XRP classification status Transaction volumes more than double those of early Febstreams
Bitcoin Price Analysis: BTC Bullish, Bears Yet to Reverse Dec 2018 Gains Bitcoin Price Analysis: BTC Bullish,
Bitcoin price down 4.2 percent at the time of press Jan Van Eck says Bitcoin investors liquidating to Gold Transaction volumes low, bulls have a
Ripple Price Analysis: XRP Flash Crash, Flips Ethereum–Again Ripple Price Analysis: XRP Flash Crash,
Ripple price is down 5.7 percent but flips ETH from second Santanders use of xCurrent has been beneficial Bear trading volumes spike Technically, XRP
Comments (0)
Add a comment
Comment on