Bitcoin must finish weekend above $3,700 or we might see low-$3,000 region

12 Jan, 2019 | Updated: 12 Jan, 2019
by Joeri Cant
Price Action
Bitcoin must finish weekend above $3,700 or we might see low-$3,000 region

A popular cryptocurrency analyst on Twitter, DonAlt, tweeted to his 79.4K Twitter followers that he believes it is very important for Bitcoin to finish the weekend above $3,700 in order for it to go higher.

The price of the number one cryptocurrency received a big blow, dropping a staggering 10% during Thursday’s trading session. Bitcoin tumbled below $3,600 as the much feared wave of bear pressure came back into play and after seeing highs of $4,100 last weekend.

DonAlt told his Twitter followers that he believes it is important that Bitcoin finishes the weekend above $3,700 in order for it to climb higher, or else we will see Bitcoin most likely drop into the low-$3,000 region.

'If we do retest 3700 on the weekend and don’t manage to close above there I’m expecting ~3350. I’ll most likely close my hedge short there. This is the reason why you shouldn’t trust mismatched patterns,” he tweeted.

Read more: Bitcoin tumbles below $3600, will we be seeing $3000 soon?

Mark Dow, a trader who shorted Bitcoin from its all-time high at $19,500 all the way down to $3,500, seems to agree with DonAlt.

He tweeted in December that if bitcoin can’t bounce back to at least $5k-$6k soon, it will be a really bad sign for the cyberbulls.

The most known cryptocurrency in the world is currently trading at $3,667, down 1% since yesterday, with a market cap of $64 billion, according to coinmarketcap.com.

It remains to be seen if Bitcoin will be trading above the $3,700 mark at the end of the weekend.

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Read more about: Bitcoin (BTC)

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