Bitcoin to $8800 next? Trader predicts next BTC resistance

19 May, 2019
by David Robb
Price Analysis
Bitcoin to $8800 next? Trader predicts next BTC resistance

After a brief midweek slump, Bitcoin seems to have recovered and has been testing the $8000 level. Popular trader TheCryptoDog claims that the next important resistance level could be $8800.

According to TheCryptoDog, there is a key resistance at around $8050. BTC hasn't managed to close a day above this price level in the current rally, and it is again being rejected from this point, despite the rapid resurgence from the drop towards $7000.

There is likely to be "a pause" as bulls try to move BTC above this resistance, and it is unclear how long this will be for. We could see a number of retracements to lower levels as the price is rejected. TheCryptoDog advises people to not attempt to buy in just yet, as we could see some much more preferable price points coming up, and no real consolidation has been found yet.

However, if that resistance can be broken, there appears to be plenty of room for the BTC price to move into. $8800 is identified as the next key resistance level that it could bump up against. Not everyone was convinced by this analysis, and some believe that the bear market is still about to return, with a number of enthusiastic traders falling for the BTC whales' trap.

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Read more about: Bitcoin (BTC)

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