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Crypto Analyst Says Bitcoin Poised for Major Drop – BTC, XRP, Ethereum, Litecoin, Bitcoin Cash, EOS, Binance Coin, Stellar, Cardano, Tron Forecasts

May 16, 2019

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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

decreasing volume

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

— filbfilb (@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.”

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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.

Bitcoin

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Ethereum

XRP

Litecoin

Bitcoin Cash, EOS, Binance Coin, Stellar, Cardano, Tron

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.