A crypto analyst who called this week’s Bitcoin crash says the king of crypto is still in a long-term uptrend.
The trader, who goes by the name Majin, marked the moment the bears took the short-term momentum in late July, saying low buy-side demand had triggered an ideal time to short BTC.
“If I’m wrong, you have something else to laugh over. But I’m sad with the fact I may be talking sense here.
Bid-side support across the order books are at an all-time low at the moment. Demand has leaked away with each failure to break higher resistances or hold higher supports.”
This is quite literally the first time since februari that beras are in control. We're trading below june's vwap and our last pump failed to break it upwards. Magical white dots have acted as ideal short-entry lately pic.twitter.com/kzGrSUvW42
— Majin (@majinsayan) July 25, 2019
Now that Bitcoin has reached about $8,000, Majin says buyers are lining up to buy in the $7,000 range. He tells CCN he believes BTC won’t trade below $7K again.
“Price discovery is done below $7,000 in 2018. A bigger dump to sub $8,000 will be the major shakeout event, and it will be over more quickly than sentiment is led to believe…
Dumps are always super-savage but short-lived in bull markets.”
Majin and veteran trader Peter Brandt point out that from a technical perspective, Bitcoin has not yet broken out of its overall long-term bull cycle that began in early April of this year.
As for his next target, Majin says he thinks BTC will once again surprise the naysayers and “rise like a phoenix.”
“$7,000 range is a confirmed demand zone. So bears will be cocky here at the worst range. But it’s just begging to become a major shake-out.
Bitcoin always rises like a phoenix against all sentiment. The next part could be to fill all the volume above $12,000.”
BTC is up 2.05% at $8,211 at time of publishing, according to CoinMarketCap.