Bitcoin Leaps To $6,000, Returns Quickly To $7,300

Bitcoin leaps to $6,000 but it quickly bounced back to the $7,300 region though the analysts asserted that the crypto market is still weak despite the 20 percent recovery that was seen over the past week as reported in the bitcoin news.

The popular trader NebraskanGooner, noted recently that Bitcoin’s weekly chart is extremely bearish in spite of the fact that a recovery was seen before the strong move to the downside. The analyst noted that BTC failed to break the key 99-week simple moving average and also the horizontal zone of the resistance before noting that the increased buyer volume narrative is a misnomer and the volumes show a bearish retest.

The crypto trader remarked as well that he expects Bitcoin to experience a slow bleed to the downside which will start when investors start buying the dip and then get stopped out with a ‘’fast dip and a rapid absorption’’ in the $6,000. According to the reports, Nebraskan noted that the bearish fractal in the historical price pattern of the asset is seen again in different time frames and also in different assets which is good news for Bitcoin.

Nebraskan’s fractal was extremely accurate over the past few weeks as Bitcoin leaps to the dramatic price range of $6,600 and the subsequent recovery to more than $8,000 as seen over the past few days. During the same fractal, the analyst suggests that the Bitcoin trend line breakdown retest shows that Bitcoin has found a local top at $7,800 and if the fractal continues to play out, Bitcoin will head towards the $6,200 region in the upcoming two weeks with a drop of about 20 percent.

The fundamentals could also support this since UpBit was hacked for $50 million worth of Ethereum the previous week which makes the analysts believe that the selling pressure from this event will depress the crypt market in the upcoming weeks. There were also a lot of opinions on how operators of the Plustoken cryptocurrency scam could be responsible for dumping 1,000 bitcoin per day which leads to a downtrend in price. Bitcoin had an exhausting week as the price didn’t stop bouncing and we will yet to see how will the year end for the benchmark cryptocurrency.