Bitcoin is for more than two weeks within a Trading Range of $250.The volatility of crypto-currency and the daily Trading volumes are now declining, which increases the possibility of a Price breakout.An open survey by Josh Rager, a renowned market analysts, revealed that a majority of traders expected that Bitcoin breaks down.Nevertheless Rager believes that the next crash of Bitcoin, in principle, would be a good message.
Bitcoin risk a crash – but for a well-known crypto-analysts, it is nonetheless a good message.
The well-known Daytrader Josh Rager sees the BTCUSD Trend, according to its own statement within a Contracting channel. He illustrates this with a Chart (see below) that shows two converging trend lines that connect a series of successive highs and lows of Bitcoin.
The Bitcoin price is trending within a Contracting triangle area. Source: Josh Rager, TradingView.com
Rager compares the triangle similar pattern, with two similar structures, which have appeared since 2017 twice on Bitcoin charts. The first triangle pattern BTCUSD broke off when hitting the top of the structure down. The back led the Couple finally, from about $ 6,000 to an all-time low at 3,100 $ in the year 2018.
The next triangle in the year 2019 shows a similar collapse of the movement. Immediately after Bitcoin had reached its peak, the price in less than six months, from 8,000 to $ 3.858 $.
Nevertheless, it is followed on each collapse, a sharp reversal of the trend upwards. Bitcoin rose to up to 14,000 $, after he had reached the lowest level at 3,100$. In a similar way, the crash of a crypto-currency led to almost 3.858 $ later for a price increase to $10,500 in.
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Bitcoin with bullishem Setup
Rager believes that Bitcoin in the coming sessions back to a Pump&Dump. BTC could first pass through a so-called “Fakeout” – a fusion of a Fake Breakout, followed by a sharp upward correction at a later date. Excerpts from the Tweet:
“We can see since 2017, several rallies, followed by compressions, which led to a Pullback followed by another rally. This Time it could be different. But I am firmly convinced that the BTC price moves ahead of a potential rally on (a) new (all-time high), at least a Fake-out below the current compression full.“
The Bitcoin price moves between 9.100 and 9.400 dollars. Source: TradingView.com
The bold prediction comes as Bitcoin is trending in a narrow, 250 $ wide Trading range sideways. The boring price action was also accompanied by day weaker volumes and a record low period of volatility.
Such a smooth price action typically leads to an eruption of movement in both directions, be it up or down.
Majority is bearish
12. July has carried out Rager of an open survey to know what traders think about the next Bitcoin Trend. Of of 2,134 participants, 61.2 percent predicted a Dump in the direction of $8.500. Ragers recent Bitcoin table provides a low, far less than 7,000$.
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The Rest is of the opinion that Bitcoin could reach its lowest level at $ 9,000 before the price recovery will continue upwards.