An influential crypto analyst says Bitcoin has likely hit a short-term top at about $8,400, and predicts a big drop is on the horizon.
Filb Filb is telling his followers on Twitter and TradingView that due to a number of technical indicators including decreasing volume, he believes a pullback will bring the price of BTC back down to about $5,200, giving investors the “last great buying opportunity.”
Im now of the opinion the local $btc top is probably in.
l/s ratio nuked by claim
bid support down
parabola is shakey
Would like a bounce at $6.4k but i fully expect a 61.8% retracement from top which may present the last great buying op. @ c.$5.2k pic.twitter.com/0a8aCpG1hW
— fil₿fil₿ (@filbfilb) May 16, 2019
Filb Filb is also checking for “9.2k on a break of the highs” and is “entirely happy” if wrong about the dip, encouraging traders to “do your own research.”
Right now, Bitcoin is down 2.24% at $7,915 according to Coin360. Ethereum is up 8.4% at $262.51, and XRP is down 3.9% at $0.4201.
Across the board, technical analysts are watching for a potential drop in the price of Bitcoin while monitoring support levels for alts.
Coinspeaker – ETH/USD penetrated $258 resistance level, targets $275
Ethereum World News – Ethereum price starts crucial uptrend versus Bitcoin
FXStreet – XRP off from the recent high,