Bitcoin Price’s Next Stop $5,600, Trader Explains How

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Sat, 03/28/2020 - 12:44
Yuri Molchan
While Bitcoin is hanging around $6,200, traders are turning bearish, expecting the major crypto coin to fall below the $6,000 area and head further down
Cover image via stock.adobe.com
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After the news about the Fed going to print $6 trln out of thin air to help banks, large businesses and average Americans with monthly payouts (possibly with the use of digital dollars), many Bitcoin advocates and some Bitcoin haters started pointing out that this is going to be terrible for the economy in the long run.

However, if Bitcoin proponents believe that BTC can fix it, then BTC haters have nothing to praise apart from safe haven assets and gold – the safest among them, although even XAU has showed a drop after Bitcoin crashed two weeks ago.

Now, traders are discussing the further route Bitcoin may take and they agree that the price curve is likely to turn bearish.

‘Primary level for support is $5,800’

‘Crypto Michael’ expects Bitcoin to head down after the recent failure to retake the $6,900 level. The analyst has targeted $5,800 as the major support level. However, he says that first Bitcoin may retest $6,400. A heavier drop would take BTC down to $5,250, he believes.

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‘Next stop is $5,600’

Trader ‘George’ believes that Bitcoin is about to start dropping towards the $5,600 mark on the chart. Reclaiming $6,600 would be a bullish sign, as per him.

Trader and founder of ElevateUX, ‘Posty’ is of the same opinion.

“Agree with that 6.6k level. Aiming for range lows.”

Trader ‘C2M’ also shares a bearish narrative.

“If $BTC is bearish you won’t get your optimal entry. Hoping for a pullback towards the origin of the move to short is a fairy tail IMO. We ether consolidate here and break lower or it’s going for new highs.”

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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