The crypto bulls and bears are currently wrestling on the next cryptocurrency price trends. As the latest cryptocurrency news show, the market is in a phase of correction but it is not certain what will happen in the short to mid term. In what we know as an incredibly bullish month, the price trends are changing every day.
Bitcoin’s value was slashed by more than $21 billion in the last 24 hours – being held above the $7,000 threshold in the recent news – after establishing an all time yearly high at $8,260. The decline which occurred showed that bears are still here. As analysts believe, the crypto bulls and bears were both active this month. However, the recent decline was traced back to a mega sell order on Bitstamp exchange which created an opportunity for investors who missed the previous run or provided a warning before the price dropped.
According to the popular cryptocurrency trader DonAlt, the direction in which he believes Bitcoin is moving is headed up to $10,000. The blockchain pioneer Vinny Lingham, on the other hand, agreed with his statement, showing his optimism and support for the crypto bulls.
I concur https://t.co/bZckGhfxGX
— Vinny Lingham (@VinnyLingham) May 17, 2019
The CNBC trading desk, on the other hand, is not the best place for price predictions – as many best cryptocurrency news sites have showed so far. However, right now the technical analysis by CNBC shows that there is a “trend line” which has been in place since April 4 and the crypto rally which ignited the entire crypto bulls and bears fight.
“You actually still are above that trend line, which probably takes you up to around $6,800. You got to a 95 nine-day RSI. Even for bitcoin, that was extreme,” the CNBC analysis showed.
Bitcoin nightmare as a sell-off wiped $21B off its market cap overnight. Here's what's behind the crypto crush. pic.twitter.com/w5SX22hhcW
— CNBC's Fast Money (@CNBCFastMoney) May 17, 2019
Not everyone is so bullish though. The crypto bears are supported by some analysts – notably the derivatives trader and analyst Tone Vays, who described the recent trend as a “montrosity” in the Bitcoin price as the dominant cryptocurrency dropped from $7,800 to $6,180 on Bitstamp. Based on the hourly charts, he said that the stage was set for a “beautiful short trade.”
“I actually think we are going to go down and I think we are going to go sub-$6,000 on this one…I even think we’re going to go below $5,000 as well,” Vays said.
Hopefully the BTC trends will also ignite the altcoin news to report a new positive movement.
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