What traders have to say about this latest Bitcoin drop

04 Mar, 2019 | Updated: 04 Mar, 2019
by Will Heasman
Price Analysis
What traders have to say about this latest Bitcoin drop

Bitcoin (BTC) and the wider correlated cryptocurrencies are suffering yet another dip in the latest blow to the market. So what’s going on? What are the traders saying about this latest dip?

Within the last few weeks, the market had been looking ever more bullish as the tide started to turn in favor of a continued rally, interjected by periods of relativity harmless sideways action. However, it appears BTC got a little too big for its boots, breaching 4k, rising towards $4,200 before collapsing down to $3800, and erasing weeks of positive movement.

Now, as BTC edges ever closer to resistance levels drawn around $3700, many traders and analysts are offering their forecasts:

The first piece of insight comes from cryptoanalyst, Willy Woo who, as reported yesterday asserted that BTC was in the throws of indecisiveness. According to Woo, this could lead to further downside and a prolonged bear market:

This indecisiveness is characterized by minimal long and short positioning, which have in the past coincided with price action heading south:

In Woo’s eyes, the markets are simply in for another dump.

Our next analyst and trader, Luke Martin, is also fairly pessimistic, relaying that the latest dump brings us in danger of crossing down below the $3700 resistance level.

However, with the evanescent optimism of a crypto trader, Martin states that at current levels he’s still long on BTC, but only until there are further closes below $3700, something he asserts would be indicative of more pain to come.

Another trader and author of 'An Altcoin Trader's Handbook' - Nik Patel -  appears to agree with Martin, again citing key support levels.

Other traders threw their bets down on top of this theory, with many cautiously optimistic that we could be in for a reversal if support holds:

Essentially, it looks as though the markets could go one of two ways at this juncture; either we’ll see a break below the resistance level of $3700, which could usher in a further downtrend, or support will be strong enough to bolster BTC.

However, if Woo is correct and the market remains indecisive and lacking in long/short positions, then we may actually see further downsides to come.

Read more: According to analyst Willy Woo, Bitcoin is on the brink of another dump

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