Analyst: Traders Should Prep for Serious Shift in Bitcoin (BTC) Momentum, $12.5K Likely As Halving Approaches

21 January 2020, Tuesday, 17:25 - dailyhodl.com
Analyst: Traders Should Prep for Serious Shift in Bitcoin (BTC) Momentum, $12.5K Likely As Halving Approaches

A prominent crypto investor and technical strategist known in the industry as Filbfilb says he’s now bullish on BTC in the medium term.

In his latest newsletter to investors, the analyst says Bitcoin’s 50-week moving average is a key indicator to watch in the weeks ahead.

“If Bitcoin is able to retest $9500, I will most certainly look to remove any leverage off the table at this point as I think it is more than likely that it will take some time to build enough momentum to break.

If Bitcoin can maintain the 50 WMA and dips are bought, we will form an inverse head and shoulders; the target of which would be mid $12,500 and a 1.618 target of the resistance at $11,500, which is ultimately the play I am looking before the halving.”

The analyst speculates that the upcoming Bitcoin halving event, due in May, will likely trigger buying interest among investors and convince people to hold, setting BTC on a track that follows the 50-week moving average, indicated by the dotted projection below.

In contrast, veteran trader Tone Vays says he’s now a bear. According to Vays, the TD sequential, which tracks a series of price points to identify trends reversals, suggests BTC will continue to move lower in the short term.

“All signs are pointing to the top being in. This is reminiscent of the last time the top was in at the end of October. It is reminiscent of the way the top was in in August. Lots of similarities here. It was a good run up. I’m happy that some people made money. And at this point, I am anticipating for us to turn back.”

The outlook aligns with a recent report from Bloomberg, which identifies a bearish shift in the global strength indicator.

Featured Image: Shutterstock/DrHitch



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