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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 — 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.”

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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

CoinDesk – Bitcoin faces price correction toward $7.6K, technical charts suggest

FXStreet – Sell-off may gain traction with the next aim at $7,875

NewsBTC – Bitcoin price correcting gains, key supports nearby

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Ethereum

Coinspeaker – ETH/USD penetrated $258 resistance level, targets $275

Ethereum World News – Ethereum price starts crucial uptrend versus Bitcoin

XRP

NewsBTC – Dips well supported near $0.4540 and $0.4400 in the near term

FXStreet – XRP off from the recent high, more sell-off in store

Litecoin

Live Bitcoin News – Strong rally above $100 calls for $120

FXStreet – LTC/USD rebounds after a stormy night

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

Cointelegraph – Alts look for momentum: BTC, ETH, XRP, BCH, LTC, EOS, BNB, XLM, ADA, TRX Analysis

NewsBTC – Altcoins want to party: BCH, XLM, EOS, TRX Analysis

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