Panelists at CNBC say that Bitcoin price could be due for a pullback despite climbing more than 120 percent since the start of the year.
Third Time’s the Charm for Bitcoin?
After months of muted conversation around Bitcoin, CNBC analysts are now back in the saddle again, with cautiously bearish sentiments about BTC 00 as the cryptocurrency continues to enjoy a positive trajectory in 2019.
— CNBC Futures Now (@CNBCFuturesNow) May 15, 2019
Since breaking above $8,000 Monday (May 13, 2019), the top-ranked cryptocurrency has seen two unsuccessful attempts at staying above $8,100. Anthony Grisanti of GRZ Energy told CNBC on Wednesday technicals are signaling a pullback at that level.
According to Grisanti:
We had rallied above [key resistance] but then failed on two different occasions. [Bitcoin] has doubled in the last five months so I would expect a bit of a pullback, and on the downside, there’s a very interesting gap there, from $6,870 to $6,425.
Profit Taking Above $7,000
For Grisanti, traders could be eying profit taking above the $7,000, especially those who bought the dip in mid-November 2018 or 2016 buyers who sold during the peak run of late 2018.
Grisanti opines that this mass profit taking could exert downward pressure on the Bitcoin price action. BTC enthusiasts will be hoping that the famed CNBC counter-indicator trend continues which would mean continued upward growth as against any price pullback.
Price Fatigue or Continued Parabolic Advance? » Read Full Article «