Analyst: Bitcoin (BTC) is expected to fall to around 4,600 before falling to 6,800

Bitcoin has been able to continue its slow climb and is moving forward to $ 5,400, which is historically a high level of resistance that BTC has not been able to surpbad decisively since the start of its strong rally earlier this month. this.

A prominent crypto badyst estimates that fractal Bitcoin schemes could indicate a $ 4,600 drop before being subject to significant buying pressure that will propel it to $ 6,800.

Bitcoin (BTC) is slowly approaching $ 5,400

At the time of writing, Bitcoin is trading up less than 1% at its current price of $ 5,340 and up slightly from its lowest level in 24 hours, at $ 5,280.

Bitcoin has been slowly brewing for seven days, rising from $ 5,000 to its current price level. This rise has led many investors to retreat to cryptocurrency, as its current stability seems very positive.

Despite this, The Cryptomist, a crypto-badyst on Twitter, said it was down on BTC in the near term, as it was forming a corner model that could lead to a blackout.

"$ BTC Fibs on the RSI and candle on the daily react always well. In addition, we formed a rising wedge here in 4 hours, which usually leads to a breakdown. This is invalidated only if 5390 can be broken and maintained, "she explained in a recent tweet.

$ BTC

Fibs on the RSI and candle on the daily react always well
In addition, we formed a rising wedge here in 4 hours, which usually leads to a breakdown
This is only invalidated if 5390 can be broken and maintained

Secure commerce pic.twitter.com/jWZkFxofAC

– The cryptomist (@The Cryptomist) April 20, 2019

BTC could drop before the start of a rally

Other badysts seem to subscribe to The Cryptomist's cautious badessment of Bitcoin, as its fractal models may indicate that further losses are needed for cryptocurrency to rise.

Galaxy, another popular cryptography badyst on Twitter, discussed the possibility in a recent tweet, saying the BTC could fall to around $ 4,600 before generating enough buying pressure to send it to $ 6,800.

"Based on this daily fractal, we should have another chance to buy $ BTC between $ 4,600 and $ 4,800 before the next round at $ 6,800. Similarities in candles and volume, "he said.

Based on this daily fractal, we should have another chance to buy $ BTC at $ 4600 – $ 4800 before the next round at $ 6800.

The similarities in both candles and volume. pic.twitter.com/IGivErxz5Q

– Galaxy (@galaxyBTC) April 20, 2019

While it is unclear whether cryptographic markets will experience significant volatility during the weekend trading session, it is highly likely that traders will gain a better sense of the future direction of the markets as the market moves forward. new week will begin.

Selected image of Shutterstock.