• Crypto analyst Bluntz expects Bitcoin to go on a quick bounce before resuming its downtrend.
• Fellow crypto strategist Dave the Wave is keeping an eye on Bitcoin’s monthly chart amid the market downturn.
• At time of writing, Bitcoin is worth $25,935.
Bitcoin Analyst Calls for Correction
Crypto analyst Bluntz believes that the crypto king’s correction is not yet over and expects Bitcoin to go on a quick bounce before resuming its downtrend. According to the trader, Bitcoin’s bearish chart suggests that more bad news stories could be in store for the crypto space.
Dave The Wave Watching Monthly Chart
Fellow crypto strategist Dave the Wave is keeping an eye on Bitcoin’s monthly chart amid the market downturn. He says that BTC looks long-term bullish as its monthly moving average convergence divergence (MACD) indicator gears up to move above a level that has previously signaled the start of a new bull market. Traders keep a close watch on the MACD as it could signal potential trend reversals.
Current Price Of BTC
At time of writing, Bitcoin is worth $25,935.
Risk/Reward Gone For Shorting BTC?
Bluntz says that risk/reward is gone now but he still thinks that BTC is en route to lower levels first and he will look to re-short any bounce up over next day if possible.
Bottom Line
The current state of cryptocurrency trading suggests there may be more bad news looming for Bitcoin and other digital assets. Despite this bearish outlook, both analysts agree that there are signs of long-term bullishness in terms of BTC’s historical pricing data and technical indicators like MACD which point towards potential trend reversal signals in future prices movements..