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As crypto markets get closer to the weekend's trading session, Bitcoin has been able to maintain its momentum and continue its ascent. Although BTC prices have recently had an extremely positive effect on prices, it may still be in an accumulation phase.
Assuming that the current Bitcoin accumulation range reflects that observed after the 2015 bear market, BTC will only come out of the range in mid-July, which means that traders will have many opportunities to add to their positions.
Stable Bitcoin Above $ 5,000, continues to climb
At the time of writing, Bitcoin is trading up more than 2% at its current price of $ 5,120, up from its daily low levels of just under $ 5,000. Today's hike was triggered when BTC briefly fell below the $ 5,000 mark earlier in the day, indicating that this level has become a support region.
The next bitcoin resistance that traders should pay attention to is around $ 5,300. It's here that Bitcoin was quickly rejected early this week when BTC went from $ 4,000 to this price level.
Josh Rager, a popular cryptocurrency analyst on Twitter, recently noted that in the previous bear market, Bitcoin formed a pattern of accumulation between its 100-day moving average and its 200-day moving average, which could turn out to be a similar trading range for BTC. in the near future.
"Chart BTC Accumulation W. The previous bear market Bitcoin accumulated under the 100 MA and supported by the 200 MA. A similar accumulation could occur with 200 MA (wick below) with the next uptrend starting after break above 100 MA. A possible scenario to observe in the coming months, "he explained.
$ BTC W Accumulation Graph
Previous bear market Bitcoin accumulated under the 100 MA & supported by the 200 MA
A similar accumulation could occur with 200 MA (wick below) with the next uptrend starting after break above 100 MA
A possible scenario to be observed in the coming months pic.twitter.com/BHZ3YN6kHZ
– Josh Rager ? (@Josh_Rager) April 6, 2019
The accumulation range may persist until mid-July 2019
In addition, Rager also explained that it was possible that Bitcoin currently reflects the price movements observed in 2015 as a result of the significant bear market, which could mean that BTC would be caught in an accumulation zone until In mid-July this year.
"$ BTC accumulation model. It took 216 days of Bitcoin accumulation from spring to spring 2015. If it was an accumulation, this week's $ 1,000 candle would be the exact middle of the 216 accumulation days and end on July 19, 2019 " , he explained, adding that the comparison analyzes are "pure speculation".
$ BTC W Accumulation Graph
Previous bear market Bitcoin accumulated under the 100 MA & supported by the 200 MA
A similar accumulation could occur with 200 MA (wick below) with the next uptrend starting after break above 100 MA
A possible scenario to be observed in the coming months pic.twitter.com/BHZ3YN6kHZ
– Josh Rager ? (@Josh_Rager) April 6, 2019
As the trading session continues over the weekend, Bitcoin prices will continue to unfold and will undoubtedly set the tone for the market trend over the coming week.
Selected image of Shutterstock.
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