Bitcoin rally is losing steam: 'Could easily retrace to $6000'

13 May, 2019
by Jelmer van der Dussen
Bitcoin rally is losing steam: 'Could easily retrace to $6000'

Following a rally of days, Bitcoin seems to be slowing down today. Traders think a pullback might be ahead for BTC.

Bitcoin has seen a crazy few days in the market, climbing all the way up to $7500 in a parabolic move. Now, BTC is trading just above $7000, after dropping about 5% in the last 24 hours. Bitcoin's rally seems to have lost some steam, and traders think we might be seeing a bigger drop in the short term future.

BTC/USD Chart provided by Tradingview

According to popular Tradingview trader botje11, there are two important levels to watch now: $7000, and even more important, $6700. '7000ish is an important level now, but the biggest one will be around $6700. This level should hold in my opinion.'

With Bitcoin now trading around $7000, the trader thinks 'we are not done yet'. In the meantime: 'most alts have dumped again, almost being back to their starting points of yesterday. This is still a bad sign in general. Means the sentiment is not being carried through out the whole market. Think until this changes, the bear market is not over yet.'

BTC/USD Chart provided by Tradingview

The Crypto Dog, a trader active on Twitter, isn't that bearish on altcoins, and thinks they will follow the moves of Bitcoin in the upcoming week. 'There are a million and one reasons for alts to pump this week. I will be incredibly surprised if they don't.'

Another popular Tradingview trader, MagicPoopCannon, thinks 'we could easily see Bitcoin retrace to the $6000 range'. 'However, the most critical retracement levels remain below the 6000 handle. So, I think there is a high probability that we could retrace back below 6000, to test those critical retracements.' Now Bitcoin has not closed the day above $7400, 'more downside will come in the coming days, and possibly the beginning of a correction.'

BTC/USD Chart provided by Tradingview

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is now LIVE in Blockfolio! This is how you receive our latest news in your portfolio tracker!  

Read more about: Bitcoin (BTC)


Will Bitcoin see a pullback to $6000?

(59 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage