Bitcoin Ridiculously Overbought – One Trader Says it Will Still Go ‘Parabolic’

Bitcoin Ridiculously Overbought – One Trader Says it Will Still Go ‘Parabolic’

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Now that the bitcoin price has broken above the $5,000 mark to set a new 2019 high, crypto traders are anxiously watching the charts to discern whether the flagship cryptocurrency will slaughter its next major resistance wall at $6,000 to triumphantly initiate a new bull market. Below, we dive into the bull and bear cases for bitcoin as traders grapple to maximize their profits when the cryptocurrency embarks on its next major move. Bear Case: Bitcoin Hasn’t Been This Overbought Since December 2017 After falling as low as $4,778 on Thursday, the bitcoin price is currently holding slightly below $5,000

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