- Bitcoin bulls have been able to hold gains over the $7k level
- BTC is still in a downtrend – Josh Rager
- Bitcoin’s bull case is building
Bitcoin News Today – Since Bitcoin (BTC) plunged to a seven-month low of $6,400, it has seen a pretty strong price recovery. The digital currency managed to surge as high as $7,300 and the bulls have been trying to defend key levels. This means that the world’s largest digital currency by market cap is up by about $1k from its seven-month bottom, making many investors and traders believe that bulls are back.
Nevertheless, a prominent digital currency analyst said that Bitcoin (BTC) remains in a clear downward trend. This implies that this latest upsurge is just a relieve rally, not a full-fledged reversal. The analyst is suggesting that it is too early to say that the bulls are back.
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
Bitcoin (BTC) Is Still in a Downtrend
A popular digital currency trader – Josh Rager – recently said that it is far too early to be bullish after an increase of $1k earlier this week. The analyst pointed to the fact that Bitcoin (BTC) is still stuck under a trendline. The trend line was formed after the infamous China pump in October, adding that except BTC breaks this level and the $8k resistance mark, a reversal rally will end abruptly.
https://twitter.com/Josh_Rager/status/1208488515840950273
The sentiment of Rager that BTC is still in a downward trend has been verified by other top traders. Melker – a disk jockey turned digital currency trader – recently told his followers to ‘tread lightly.’ He said that investors should not get caught up in the fact that BTC bounced 10 percent from the local low. He also pointed out that there is a formation of two bearish divergences between the price of Bitcoin and the Relative Strength Index (RSI). This means that the latest recovery was ‘more like relief than reversal,’ implying that a continuation of the downtrend has a decent opportunity of playing out.
Bulls are Getting Ready
While Rager believes that the world’s most dominant digital currency is still in a downward trend, there are signs of an imminent bull case. The senior commodities strategist for Bloomberg Intelligence – Mike McGlone – recently said that BTC has a higher chance of surging by 40 percent to $10k than by 30 percent to $5k in 2020. He said that the digital currency is entering a consolidating bull market phase that is marked by a tightening in moving averages.
There is also Dave, a trader that predicted the fall of BTC to $6,700 some months ago. The trader said he expects the one-week Moving Average Convergence Divergence (MACD) indicator of Bitcoin to turn upward, which will pioneer the next price rally in the market.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
