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Crypto Analyst Says Bitcoin Poised for Major Drop – BTC, XRP, Ethereum, Litecoin, Bitcoin Cash, EOS, Binance Coin, Stellar, Cardano, Tron Forecasts

by Daily Hodl Staff
May 16, 2019
in Trading

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An influential crypto analyst says Bitcoin has likely hit a short-term top at about $8,400, and predicts a big drop is on the horizon.

Filb Filb is telling his followers on Twitter and TradingView that due to a number of technical indicators including decreasing volume, he believes a pullback will bring the price of BTC back down to about $5,200, giving investors the “last great buying opportunity.”

Im now of the opinion the local $btc top is probably in.

l/s ratio nuked by claim
bid support down
parabola is shakey
decreasing volume

Would like a bounce at $6.4k but i fully expect a 61.8% retracement from top which may present the last great buying op. @ c.$5.2k pic.twitter.com/0a8aCpG1hW

— filbfilb (@filbfilb) May 16, 2019

Filb Filb is also checking for “9.2k on a break of the highs” and is “entirely happy” if wrong about the dip, encouraging traders to “do your own research.”

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Right now, Bitcoin is down 2.24% at $7,915 according to Coin360. Ethereum is up 8.4% at $262.51, and XRP is down 3.9% at $0.4201.

Source: Coin360

Across the board, technical analysts are watching for a potential drop in the price of Bitcoin while monitoring support levels for alts.

Bitcoin

CoinDesk – Bitcoin faces price correction toward $7.6K, technical charts suggest

FXStreet – Sell-off may gain traction with the next aim at $7,875

NewsBTC – Bitcoin price correcting gains, key supports nearby

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Ethereum

Coinspeaker – ETH/USD penetrated $258 resistance level, targets $275

Ethereum World News – Ethereum price starts crucial uptrend versus Bitcoin

XRP

NewsBTC – Dips well supported near $0.4540 and $0.4400 in the near term

FXStreet – XRP off from the recent high, more sell-off in store

Litecoin

Live Bitcoin News – Strong rally above $100 calls for $120

FXStreet – LTC/USD rebounds after a stormy night

Bitcoin Cash, EOS, Binance Coin, Stellar, Cardano, Tron

Cointelegraph – Alts look for momentum: BTC, ETH, XRP, BCH, LTC, EOS, BNB, XLM, ADA, TRX Analysis 

NewsBTC – Altcoins want to party: BCH, XLM, EOS, TRX Analysis

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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