Bullish Bitcoin Price Momentum to Materialize Soon According to These Traders
As the year 2019 dawns upon the cryptocurrency industry, one has to wonder how things will evolve this year. More specifically, 2018 has seen plenty of bearish momentum with a few short bullish intervals. In the case of Bitcoin, the short-term price predictions are all over the place, although there is a seemingly positive sentiment to take note of.
The Elliott Waves Continue
Over the past few weeks, speculators and traders have shown a keen interest in Bitcoin’s Elliott Waves pattern. That is a rather common technical analysis indicator in the financial sector. Every leg of the wave represents sharp upward or downward momentum, which appears to correlate with how the Bitcoin price has evolved in the past twelve months. As such, the pattern seems to continue throughout early 2019, according to Xuanhaimmoer.
Currently, the Bitcoin price is subject to buy opportunity between $3,800 and $3,940. This may very well be the last time a buy zone at this level appears according to this trader. Assuming the price doesn’t drop below $3,684, there is a good chance a value of $4,100 will be reached in the next few days. Eventually, the current Elliott Wave will peter out near $4,650. Definitely something to look forward to, assuming there is some merit to this prediction.
Triangles Galore Make Traders Bullish
It is always interesting to see how different traders look at the current Bitcoin price chart in contradicting ways. For InvestingScope, it is currently all about triangle patterns on the chart, primarily because they seem to happen on a rather regular basis right now. Although this user is bullish, the immediate short-term outlook may push the Bitcoin price down to $3,652 in the coming days.
Although most people will not like that outlook, that drop will eventually pave the way for a bull run all the way to $4.546. That target falls in line with the first prediction above. There is still a chance Bitcoin will turn bearish as well, with its value going as low as $3,548 in the days to come. For now, it seems the bullish sentiment holds true, albeit a brief correction isn’t entirely out of the question.
Bull Signs For Everyone
Leave it up to traders such as MagicPoopCannon to paint an appealing future for Bitcoin. According to this most recent chart, Bitcoin has hit a bullish crossover which effectively shows there will be a big upswing in the days to come. That is, assuming the value doesn’t plummet all the way to $2,998, which remains one of the many possible outcomes for the world’s leading cryptocurrency.
When looking at the potential Bitcoin price upswing, a value of $4,800 should be possible to reach, in theory. There will be plenty of resistance above that level, albeit the bulk of resistance is situated near the $5.800 level. It will take some time and effort before Bitcoin sees that value again, albeit it would appear a fair few people expect such a bullish trend pretty soon.
BTCUSD Charts by Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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