It looks like the endless days of sideways trading might be finally over with Bitcoin gaining ground above the key resistance level at $7,475. However, the bulls are most definitely not out of the woods unless the BTC price surges above $7,800, according to trader Josh Rager.
Are Bitcoin shorters going to cry?
BTC was not exactly a good year for Bitcoin longers that completely dwarfed shorts when it terms of BitMEX liquidations. Satoshi Flipper is now certain that it's time for shorts to cry now that Bitcoin has staged an upside breakout from an inverse head-and-shoulders (iH&S) pattern. This is usually considered to be a solid buy signal for any asset.
$BTC— Satoshi Flipper (@SatoshiFlipper) January 6, 2020
- inverse H&S breakout, retest
- key level here where resistance turned support and DID NOT breakout down this time around on the retest, like the previous few times
we paying attention?#Bitcoin shorts going to cry now too 😘 pic.twitter.com/OS9lIvuMna
This time around, BTC has managed to stay above the $7,475 level, which means that the most recent breakout might be more than just a flash in the pan.
CryptoDude says the top cryptocurrency needs to print a daily candle above the above-mentioned level for the bulls to continue pushing the price higher.
$BTC Bulls making it work - price finally above $7475 which is a fairly important level acting as support and resistance before. If bulls can turn it into a support and not let a candle close below this should keep moving upwards. pic.twitter.com/xKwgDXICks— CryptoDude (@cryptodude999) January 6, 2020
Not so fast
Rager is still on the fence even after the recent upside move. He reiterates that Bitcoin needs to jump above the $7,800 area for things to get more exciting.
$BTC - This has been the trend for the past few weeks— Josh Rager 📈 (@Josh_Rager) January 6, 2020
I haven't posted much lately, took a needed break from charts in this range
Primarily because no major changes
Breaking above the $7600s to $7800s zone is still key area https://t.co/jbxfe0FFOG
At press time, BTC is changing hands at $7,522 while its dominance has decreased to 67.67 percent due to some altcoins making substantial price gains.
CoinStats data shows that the total market capitalization of the crypto market is exactly $200 bln.