Analysts believe a pullback might be in store for Bitcoin; $4180 next?

15 Apr, 2019 | Updated: 15 Apr, 2019
by Will Heasman
Price Analysis
Analysts believe a pullback might be in store for Bitcoin; $4180 next?

Despite Bitcoin recent boost back above a safe zone within $5,000 (currently $5171), most analysts are looking decidedly bearish today for various reasons, expecting Bitcoin to imminently pullback to lower levels of support.

The 10% sell-off last week that drove Bitcoin (BTC) prices briefly below 5k was noted as a fairly harmless correction, which would shakeout weak hands before another bull run. However, today analysts and traders seem to be singing a different tune, with the consensus appearing to be that more pain might may be in store.

Our first analyst, who goes by the elegant moniker, MagicPoopCannon (the crypto community is the ONLY place where that kind of name is not only acceptable but encouraged…) notes that despite BTC’s initial bullish move past its 200-day moving average (MA) a rejection off the top of a large uptrend channel may see BTC fall below the channel midline (around $4800), and possibly lower towards the bottom of the channel (around $4185).

However, its not all doom and gloom as Mr. Poop Canon notes (assuming it’s a Mr…)  that there are several levels of support within this uptrend channel, such as the 200- exponential Moving average (EMA) and the 50 EMA as well as the midline of the channel (again around 4800k) any one of which could hold.

Looking towards the more bullish side of things, the analyst suggests that a golden cross could be forming between 200 and the 50 EMA - something indicative of a large bullish reversal.

As reported, the formation of a golden cross hasn’t been seen since BTC was at $200 in October 2015, which led to a bull run and a peak of 480 by November of that year.

Read more: Bitcoin bull and bear scenarios: golden cross? or previous lows?

Next up, the trading group Crypto-TA-NL, suggests that BTC may be breaking down, looking to go lower in the short term, potentially even to $4600 before bouncing back up above 5k, to retest $6k.

Another analyst seems to back the aforementioned piece of analysis, stating that while BTC may still be bullish, corrections are still to be expected:

Our last analyst also looks bearish in the short term, suggesting that BTC may be about to drop but not before another hopefully push up toward $5200. After which the analyst believes a correction may be in store down to support around $5000, which could produce more downside if lost.

So it appears that in the short term at least Bitcoin is looking at a little more pain, but that is the short term. If, by any luck, we manage to secure a golden cross that could prove to be our deus ex machina, which may finally put an end to the bear market once and for all …

Read more: 'Bitcoin will crash to $2,000, followed by HODLers screams'

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