• The pseudonymous crypto strategist Bluntz believes that the crypto king Bitcoin (BTC) correction is not yet over and it could go on a quick bounce before resuming its downtrend.
• Fellow crypto strategist Dave the Wave 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.
• At time of writing, Bitcoin is worth $25,935.
Crypto Analyst Warns of Further Bad News for Bitcoin
Analyst Bluntz who correctly predicted the 2018 bear market bottom for Bitcoin (BTC) believes that more bad news stories could be in store for the crypto space. According to him, he expects BTC to go on a quick bounce before resuming its downtrend and chart suggests so.
Possible Bull Flag Forming For Longer Timeframe?
Although Bluntz is short-term bearish on Bitcoin, he also thinks that BTC could possibly be forming a bull flag on the higher timeframe which could eventually play out but first it needs to reach lower levels first.
Dave The Wave Keeps An Eye On Monthly Chart
Fellow crypto strategist Dave the Wave is keeping an eye on Bitcoin’s monthly chart amid the market downturn and says that it looks long-term bullish as its monthly MACD indicator gears up to move above a level that has previously signaled the start of a new bull market.
Current Price Of Bitcoin
At time of writing, Bitcoin is worth $25,935.
Traders keep an eye on both short term and long term market movement while also monitoring other risk-on assets in order to make wise decisions about their investments in cryptocurrencies like bitcoin.