Here’s How Much the Top Athletes Would Make If They Were Paid in Bitcoin

2m
beincrypto

Send Token Payouts With Ease Using Bitcoin.com’s SLP Dividend Calculator

4m
thebitcoinnews

Why FB Stock Is Poised for a 25% Rally

7m
cryptonewmedia

Crypto-Like Global Monetary System To Be a Boon For BTC

8m
cryptonewmedia

Why You Should Use Cryptocurrencies

20m
bitcoinwarrior

Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC

30m
newsbtc

Crypto News From the Spanish-Speaking World: Week in Review

2h
cointelegraph

Rwanda Reportedly Considering National Digital Currency

2h
dcebrief

The Bitcoin Price Just Did Something It’s NEVER Done Before

2h
cryptonewmedia

Is cryptocurrency mining on nuclear power a viable power solution?

2h
bitcoinwarrior

Bitcoin Price Fights to Hold $10K Support While Altcoins See Drops

2h
cointelegraph

Each Bitcoin bull market started with miner capitulation, says researcher

2h
cryptoslate

Poloniex Set to Repay Flash Crash Losses, Victims Are Not Happy

2h
thebitcoinnews

Are Whales Behing Bitcoin’s Latest Dips?

3h
livebitcoinnews

Chinese Drug Kingpins Use Bitcoin, According to U.S. Treasury

3h
beincrypto

US FTC Settles With Alleged Crypto Pyramid Scheme for $500,000

3h
cointelegraph

Ethereum May Face 20% Pullback as Key Support Level Grows Weak

3h
newsbtc

New York Gym Grit Bxng Accepts BTC Payments

3h
livebitcoinnews

Bitcoin Transactions Lead to International Drug Trafficking…

3h
cryptonewmedia

Punk Rocker Tweets ‘Bitcoin Camaro’ to 106,000 Fans Thanks to Siri Blooper

3h
dailyhodl

Adoption Shortcut or Blockchain Purists’ Nightmare?

3h
cryptonewmedia

Initiative to Curtail Negative Interest Rates Gains Traction in Germany

3h
thebitcoinnews

Crypto Custody: Adoption Shortcut or Blockchain Purists’ Nightmare?

3h
cointelegraph

Crypto Tidbits: Bitcoin Hash Rate High, Square Crypto Bags Hire...

3h
newsbtc

Analyst Says Bitcoin Is About to Seriously Impress Us

4h
livebitcoinnews


Financial Analyst: Bitcoin Futures Are A Great Buy At $8,500

bitcoinist

1mon ago

Eustace Cryptus | Jul 20, 2019 | 02:37

Crypto analyst John Kolovos recently told Bloomberg TV that Bitcoin price will drop to $8,500 before sharply rebounding.

Earlier this week Macro Risk Advisors chief technical analyst John Kolovos spoke with Bloomberg TV about Bitcoin price action and the recent Congressional and Senate hearings over Facebook’s Libra cryptocurrency. According to Kolovos, Bitcoin price is “going through a corrective process” and he placed emphasis on “process” in order to clarify that he does not believe Bitcoin is going through a trend changing correction.

Kolovos explained that Bitcoin price is currently going through the motions of a classic ABCD correction and finding support around $9,000. Kolovos suggests that Bitcoin is nearly on the verge of stabilizing but cautioned that before this happens the digital asset is in for a more downside followed by choppy consolidation.

John Kolovos: Bitcoin Futures Are A Great Buy At $8500

Currently, Bitcoin price is finding support at the 50-day moving average but the presence of an M top (double top) formation could continue to attract bears. Additionally, the RSI still has room to drop before a healthy bounce. During the 2017 bull run, an RSI reading of 40 proved to be a reliable bounce point that attracted buyers.

When asked about his thoughts on why the double top will complete at $8,500 to $9,000 instead of Bloomberg’s forecast that Bitcoin price could drop to or below $7,000, Kolvos outlined the following:

John Kolovos: Bitcoin Has A Bullish Outlook In Long Term

Kolovos also explained that bulls are clearly in charge as Bitcoin is above the 50-week moving average and the break above the descending wedge in April 2019 was a clear indicator of the resumption of the long-term uptrend. Kolovos said:

Classic technical analysis tells you that this pattern, implication of which, gets you back to the old highs, which would be around $20,000. So the long-term trend tells me to buy the pullbacks so that’s the reason why I think we should be buying around $8,500.

At the time of publishing, Bitcoin price is holding above $10,000 and trading in a tightening range between $10,300 – $10,600. Price action has been relatively choppy throughout this week and the current rumor that the Commodity Futures Trading Commission (CFTC) is investigating BitMex for allowing U.S. residents to use the platform has shaken traders interim confidence in the crypto-market. In 2019 weekends have tended to witness whipsaw volatility from Bitcoin so the next 48-hours could see a series of decisive moves from Bitcoin.

Do you think Kolovos is on the money about his $8,500 Bitcoin price prediction? Share your thoughts in the comments below!

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments