Why These Crypto Traders Are Bearish on Bitcoin (BTC) Price

These two well-known crypto traders have been vocal about their bearish outlook for Bitcoin (BTC) price and the rest of the crypto market. Both give different arguments for their beliefs.

crypto capo believe move is manipulated

famous crypto trader @CryptoCapoAfter being inactive for more than a month, Tweeted He still believes that the trend is bearish and that a new low below $16,000 will follow. He gives two reasons for this:

  • Firstly, altcoins are facing major resistance.
  • Secondly, this move has been manipulated with BUSD and USDC.

While it is possible to analyze the first claim by looking at technical analysis of the cryptocurrency market, the second seems to lack evidence to support it, as his trading strategies are not included in the tweet.

Leaving aside Bitcoin (BTC), the altcoin market cap (ALTCAP) is actually trading at the 605 billion resistance area. While ALTCAP soared several times over it, it failed to reach a close over the area.

However, the daily RSI has broken out from its bearish divergence trend line (green). This is often preceded by a significant bullish trend reversal. As a result, it is possible that ALTCAP will break down and head towards the $680 billion resistance area. If not, ALTCAP could decline again to the $518 billion support area.

Altcoin market cap (ALTCAP) range
ALTCAP Daily Chart. Source: TradingView

In any case, there have been instances in the past where bitcoin price has broken above a key resistance area (green icon), while altcoin market cap (green) has fallen below a support level (red icon). Is. This was particularly visible during the recovery in 2019. As a result, it may not be accurate to draw bearish conclusions for bitcoin prices just by looking at altcoin market cap.

Altcoin Market Cap (ALTCAP) vs Bitcoin (BTC) Movement
ALTCAP Daily Chart. Source: TradingView

Profit Blue Believes Bitcoin (BTC) Will Fill CME Gap

famous cryptocurrency trader @profit8lue Suggests retest of $10,000-$11,000 area will happen Because there is a CME gap that needs to be filled. The difference refers to the difference between the closing price of bitcoin futures on the Chicago Mercantile Exchange (CME) on Friday and the opening price on the following Monday.

However, it’s notable that the March 6-13 drawdown filled the most recent CME gap (green circle). The gap in the tweet is a very small gap (red circle) which is from September 2021. It also coincides with the $10,000 support area, which is the closest the digital asset will get if it breaks below the current low. As a result, if bitcoin price breaks below $16,000, it could reach this area.

However, there are no immediate indications that this will happen.

Bitcoin (BTC) CME Price Movement
BTC/USDT Daily Chart. Source: TradingView

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