Tom Lee hints at a possible Bitcoin correction. What awaits us really?

By June 25, 2019 11:03

BTC price-coinconomist

Co-founder of Fundstrat Global Advisors Tom Lee believes that in the near future we can expect a Bitcoin correction. Lee refers to the technical analysis figure known as the “double top”, which is a reversal.

“Our technical analyst Robert Slymer argues that there is no triple top. We will soon find out,” wrote Tom Lee on his Twitter, noting that this is not a prediction.

At the same time, Bitcoin is trading at $ 11382 on the American crypto-exchange Poloniex. If Lee is right and the resistance at $ 11,496 is not overcome, the price may drop to $ 8,127, after which growth will theoretically continue.

BTC price 25.06

Note also that among the factors indicating a possible correction also serve the RSI, which has now entered the overbought zone; as well as divergence on the MACD indicator, which is not so critical now, but may serve as a reason for consolidation.

However, if Lee’s hopes do not justify themselves and the resistance of $ 11,496 to Bitcoin passes without much delay, then the next level you will need to look at is $ 13,584.

Recall that recently Tom Lee in an interview with CNBC predicted Bitcoin’s growth to $ 20,000 based on FOMO syndrome.

Read also:

Subscribe to our Telegram channel (Russian) and Twitter (English) to be aware of the latest news.

ServiceDescriptionRead overviewStart trading
Warning your capital might be at risk
The largest cryptocurrency trading platform. Large selection of coins, a variety of markets, support of stablecoins.Read overviewStart trading
The best centralized exchange for the purchase of cryptocurrency using bank transfers and cards.Read overviewStart trading
localbitcoinslogoThe best and largest P2P cryptocurrency exchange in the world. Support for many countries, low commissions, reliability and safety tested by time.Read overviewStart trading
By June 25, 2019 11:03