Trading expert Alex Krüger claims that Bitcoin price is still vulnerable as it’s struggling to gain more steam after an exhausted price.
According to Krüger, it is worth opening a long position once the Bitcoin price breaks above the $7,900 level, which would put the “crypto king” back on track.
He determined that $7,600 would be the coin’s nearest support level. If it plunges below this price mark, it opens the door for a slew of further pullbacks, which could eventually send the BTC price back to $6,400 (the most traded price of 2018).
As reported by U.Today, Krüger previously stated that Bitcoin going above $6,400 would confirm the next bull market. Indeed, since breaching this psychologically important mark, BTC continued its meteoric rise to $9,000.
Despite the recent downturn, Krüger sticks to a bullish scenario, alleging that he would start buying bags of BTC once its price drops below the $6,800 area.
I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I'll do if price drops there.— Alex Krüger (@krugermacro) June 5, 2019