Analysts Flip Long on Bitcoin After Bulls Thwart Brief Sell-Off
Bitcoin’s bulls and bears have been engaged in a heated battle over the past several days and weeks, with BTC’s latest bout of volatility being a sharp downtrend that followed its recent attempt to surge past $8,000.
Analysts are now noting that they anticipate Bitcoin to see further gains in the near-term, with this notion being supported by the cryptocurrency’s ability to bounce off of its daily lows of $7,200 that were set during a sharp intra-day sell off that was incurred yesterday.
Bitcoin Bulls Attempt to Defend from Further Losses as Bears Roar
At the time of writing, Bitcoin is trading down just over 3% at its current price of $7,350, which marks a notable drop from its daily highs of $7,600.
Importantly, BTC’s recent sell-off was halted after buyers stepped in and defended the crypto’s near-term support level at $7,200 yesterday, leading it to bounce as high as $7,600. This bounce, however, did prove to be somewhat fleeting, as bears quickly pushed the crypto back down towards its current price levels.
In spite of the quick retrace that was incurred after the bullish bounce from $7,200, analysts are noting that the support that lies directly below BTC’s current price level could signal that further gains are imminent.
Despite this, TraderX0, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is currently flat on BTC, referencing a chart that shows that the crypto is currently trading just below its monthly open, with a break above this level potentially allowing it to climb back towards its recent highs.
“$BTC – Back later for the weekly open. See what sets up. Flat for now,” he said.
$BTC – Back later for the weekly open
see what sets up
Flat for now pic.twitter.com/XtD4aVa4n9
— TraderXO (@TraderX0X0) December 1, 2019
Could BTC Surge Towards $8,200 Next?
UB, another popular cryptocurrency analyst on Twitter, explained that he is bullish on BTC in spite of its fleeting rally, noting that a decisive movement above $7,550 would confirm his sentiment.
“$BTC – I’m looking for my next swing trade short anywhere from $8k – $8.2k, upon signs of weakness after a sweep of the highs. On LTFs, I’m looking for scalp longs. A break above $7,550 would help confirm my LTF bullish arguments. Currently long,” he said while pointing to the chart seen below.
$BTC – I’m looking for my next swing trade short anywhere from $8k – $8.2k, upon signs of weakness after a sweep of the highs.
On LTFs, I’m looking for scalp longs. A break above $7,550 would help confirm my LTF bullish arguments.
— UB (@CryptoUB) December 1, 2019
The coming hours and days will likely shine a light on BTC’s mid-term trend, as the current battle between bulls and bears is sure to reach a conclusion in the near-term.