Kitco's market analyst Jim Wyckoff states that Bitcoin bears have gained "a short-term technical advantage," which means that traders could be looking at yet another BTC price drop this week.
"Prices are trending lower from the October high and the bears have gained the near-term technical advantage, to suggest sideways-to-lower price action in the near term."
At the time of writing, the price of Bitcoin is holding on for dear life slightly above the $8,600 level after a decisive blast above $9,000 turned that took place on Nov. 11 turned out to be just a fakeout.
Meanwhile, "Cantering Clark" says that he doesn't want to be a seller at this point given that BTC is currently in its fifth week of the negative weekly delta (the change in the price of a certain asset and its derivative). Hence, unlike Wyckoff, he doesn't expect to see more blood on crypto streets in the short-term.
I am not so sure I want to be a seller of this market right now in this very position. All shorts have been closed out.— Cantering Clark (@CanteringClark) November 12, 2019
We are on our 5th straight week of negative weekly delta. The stats on this are not in favor of red continuation with respect to previous occurrences. $BTC pic.twitter.com/kKdO0tyUJJ
Speaking of crypto traders, the sentiment is predominantly bearish. "Haska" seems to target the low-$8,000 level. If his forecast comes to fruition, recent Bitcoin price gains will get evaporated.
Crypto advocate says he will be bearish if BTC drops below the $8,300 level. The crypto king hasn't seen such a low price tag since 2019.
That wick up and rejection isn't a good sign for $BTC. Holding on to my 8600 fills for now but pulling asks in 8500's. Something tells me 8300 is in the cards; below that I'm bearish tbh.— Crypto Advocate (@crypto_advocate) November 12, 2019
Trade $crypto with me @ Bybit: https://t.co/EjWDnhUWII pic.twitter.com/InwbvFNtG9
"Cantering Clark" says that he will long BTC "aggressively" if it does end up in the $8,300 area.