{"id":59005,"date":"2019-12-22T03:00:39","date_gmt":"2019-12-22T01:00:39","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=59005"},"modified":"2019-12-22T01:47:50","modified_gmt":"2019-12-21T23:47:50","slug":"bitcoin-retest-6500-analysts-price-possible","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-retest-6500-analysts-price-possible\/","title":{"rendered":"Bitcoin to Retest $6,500? Analysts Say Such Price Action is Likely"},"content":{"rendered":"

Bitcoin May Soon Return to $6,500<\/strong><\/h2>\n

Bitcoin has seen quite the week, trading at $6,400, $7,400, and everywhere in between over the past seven days. Right now, the asset is at $7,200, seemingly forming a bottom at $6,400.<\/p>\n

Though, some top analysts are still wary that the bottom is not yet in.<\/p>\n

Disk jockey-turned-crypto trader Scott \u201cThe Wolf of All Streets\u201d Melker recently reminded his followers to \u201ctread lightly,\u201d asserting that investors shouldn\u2019t get too caught up in the fact that Bitcoin bounced 10% from the local low.<\/p>\n

Melker noted that two\u00a0bearish<\/span>\u00a0divergences have formed between the BTC\u2019s price and the Relative Strength Index (RSI<\/span>), which largely show that the latest price recovery was \u201cmore like relief than reversal,\u201d implying that a continuation to the downside has a decent opportunity of playing out.<\/p>\n

Also, Cantering Clark has argued that Bitcoin\u2019s price action over the past week is eerily reminiscent of what was seen in late-October, which was when Chinese leader Xi Jinping\u2019s pro-blockchain comments seemingly were the catalyst for BTC to jump 42% to $10,000. Marking down the similarities of these two separate events, he remarked that there is a good likelihood that Bitcoin will be seeing a \u201cseries of head-fakes,\u201d then a \u201cslow drift back down to the lows\u201d of $6,400 to $6,500 in the coming weeks.<\/a><\/p>\n

It isn’t only Cantering Clark and Scott Melker who are reminding their followers that Bitcoin<\/a> is not yet bullish.<\/p>\n

Josh Rager<\/a>, a popular cryptocurrency trader, recently noted that it is far too soon to be bullish after the $1,000 move earlier this week. Rager looked to the fact that BTC is still stuck below a trend line formed after October\u2019s infamous China pump, adding that unless it breaks this level and the $8,000 resistance, a reversal rally will end abruptly.<\/p>\n

\n

$BTC<\/a> <\/p>\n

Feeling bullish after that $1k move? Zoom out and you'll see price is still very much in a downtrend<\/p>\n

Needs to break\/hold above $7950\/$8k for any talk of a potential reversal<\/p>\n

Break previous low and likely head under $6k where $5,300 area is a promising place for buyers pic.twitter.com\/Xhyekb5Yq8<\/a><\/p>\n

— Rager \ud83d\udcc8 (@Rager) December 21, 2019<\/a><\/p><\/blockquote>\n