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Bitcoin has been able to maintain almost all of its recent gains last week and maintain stability around its monthly highs of $ 5,300. This positive price action by the BTC resulted in an influx of capital into other cryptocurrencies, generating gains that led many analysts to declare the "Crypto Winter".
Despite the celebrations regarding the end of a long and difficult downtrend in the cryptography markets, a reputed analyst believes that it is still too early to get excited, as Bitcoin could do another step forward before reaching a significant level of resistance to what he describes as a "significant return".
Bitcoin (BTC) Stable at $ 5,300
At the time of writing, Bitcoin is trading up nearly 2% at its current price of $ 5,240 and only slightly down from its recent high of $ 5,300. BTC is currently up sharply from its monthly minimum of $ 3,800.
Although Bitcoin shows little obvious signs of bearish price movements in the near future, Josh Olszewicz, a popular cryptocurrency analyst on Twitter, recently explained that he was seeing a bear division grow on a spindle higher hourly.
"4h $ BTC: as others say … RW + bear div construction in high TF res … 50% = 4750 $", he said concisely, explaining in a bearish way that a return on 4 $ 750 could be imminent.
4h $ BTC
as others have pointed out …
Building RW + Bear Div in high resolution TF
50% = $ 4750 pic.twitter.com/DNuP8OA83I
– Josh Olszewicz (@CarpeNoctom) April 8, 2019
Despite this, Olszewicz added that Bitcoin could very well continue to rise, drawing a parallel between BTC's current price action and the extremely bullish action of the Litecoin price last month.
"It is important to note that the probability of inversion is high, but that the pursuit is not impossible. $ LTC had the same configuration last month and continued. I will close a long time here and I will not be short, I would much prefer to have an offer on the book rather than being crushed by a continuation of Bull, "he said.
It is important to note that the probability of inversion is high but that the continuation is not impossible.$ LTC had the same setup last month and just kept going
I will close a long time here and I will not be brief, would much prefer to have offers on the book rather than being bulldozed by Bull more
– Josh Olszewicz (@CarpeNoctom) April 8, 2019
Analyst: BTC will take a leap once more
Although Bitcoin may set the stage for continued price action, one analyst says BTC will see a sharp decline in the near future.
Lucid TA, another popular crypto-computer analyst on Twitter, recently explained this postulation, saying that he was expecting Cryptocurrency to make an additional leap to $ 5,800 before doing so. faced with significant resistance that brings them back to $ 4,500.
"The most likely scenario for me is that we see another pump before a major retracement. Modestly on $ BTC (about $ 5550 on Coinbase), but * much * much more significantly on others. Invalid if $ 5052 breaks (CB), "he said.
The most likely scenario in my opinion is that we see another pump before a major retracement. Modestly on $ BTC (about $ 5550 on Coinbase), although * much * much more significantly on the alts.
Invalid if $ 5052 breaks (CB). pic.twitter.com/kFELeXAyYA
– Lucid TA (@Lucid_TA) April 8, 2019
As the week continues and as market price action continues to unfold, traders will better understand if the "Crypto Winter" is really over or if the bears still have more ammo to bring down the markets.
Selected image of Shutterstock.
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