Leading crypto trader: "Bitcoin top likely in"

30 Apr, 2019 | Updated: 30 Apr, 2019
by Alberto Arnaldo
Price Action
Leading crypto trader: Bitcoin top likely in

MagicPoopCannon (MPC), the most popular crypto trader on social trading platform Tradingview, has just called the top on Bitcoin –for the latest bull run, that is-.

Earlier this month, MPC had forecasted a stop to the raising pattern that Bitcoin had been engaged into for a while now, and in his latest analysis he (or she) has decided to call the top for the bull run. Moreover, MPC appears to be taking a break from trading Bitcoin:

“Do what you want. I'm out of BTC until we retest significantly lower prices”.

BTC/USD Chart provided by Tradingview

The trader, which boasts almost 60,000 followers on Tradingview, is leaving an open door for optimism which would make him change his mind on the trend direction. Namely, a breakout above the weekly 50 EMA, which currently runs around the $5,500 range.

Regardless, the prediction of MPC, which could be applicable to a medium term of several months, is that Bitcoin will not just retap the weekly 200 EMA prior to entering the next bull market.

Eventually MPC appears bullish on the long term, as he expects a “way out” of the upcoming bearish trend to surge from “somewhere in the 3000 to 4000 range”. However, from now up to that moment he will be sitting out of Bitcoin.  

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Read more about: Bitcoin (BTC) Trading


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