Major Analysts’ Opinions: Bullish Outlooks Despite Recent Plunges
As of 21:00 on August 13 (UTC), Bitcoin bulls and bears enter a tug-of-war, and there seems no definite evidence to substantiate the next direction on the charts. However, Coin6 editors have selected opinions from popular crypto analysts for your market analysis.
1. Yohay Elan: BTC/USD enjoys support at $11,240 where we see the confluence of the BB 15min-Lower, the PP 1d-S1, the previous daily low, and the Fibonacci 61.8% one-week. Further down, the next cushion is at $10,838 where the SMA 100-4h, the PP 1w-S1, and the PP 1d-S3 meet.
2. John Isige: Bitcoin sellers ravaged through the tentative support at $11,000. The price action follows a couple of days of consolidation above $11,000. Looking back, last week’s high at $12,343 marked the end of the blissful move from the support around $9,100. It is essential that the bulls defend $9,800 support or else risk Bitcoin breaking down to the recent lows at $9,115. Oversold levels could signal a reversal above $11,000.
3. TradingShot: Great news for Bitcoin bulls as the Gaussian Channel has entered into green territory for the first time in 270 days. During the previous Bull Cycle this event took place in January 2016 and was accompanied by the new bottom ($365), a price Bitcoin never saw again. What followed was a consolidation phase inside a Triangle pattern and on an Ichimoku squeeze a new aggressive rise started. Can the same series of events replicate an identical price action? Technically yes as BTC tends to repeat its historical patterns. If that is the case this time also, then it is very possible that the new bottom is in and we will not be seeing $9000 again.