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After losing its major momentum a dozen days ago when Bitcoin failed to exceed $ 5,400, BTC managed to stay above $ 5,000 and slowly moved up to $ 5,300.
An badyst now estimates that Bitcoin will just have enough buying pressure to push up its price to $ 5,800, a point at which it will face significant selling pressure that could lead to a significant drop.
Bitcoin (BTC) slowly rises to $ 5,400
At the time of writing, Bitcoin is trading slightly higher at its current price of $ 5,300, up slightly from its daily low of $ 5,230.
Although Bitcoin has managed to record minor gains over the past few days, it is important to note that the highest level of resistance confirmed currently stands at $ 5,400, as BTC failed to make decisive progress in the past. beyond this level without being quickly lowered.
Despite this, Bitcoin may be strengthening, which will enable it to reach $ 5,800, which is likely to lead to increased sales pressure.
XC, a popular cryptocurrency trader on Twitter, has shared his thoughts on Bitcoin in a recent tweet, explaining that he expects BTC to witness a new "scam" going up to ################################################################################## 39 to the upper region at $ 5,700, before being repulsed.
"Seeing bearish bearish movements everywhere in the chart here, think we still have a scam with a severe spike around 5777," he explained.
Seeing the downside bearish movements everywhere here, we think we still have a scam with a severe spike around 5777. $ BTC pic.twitter.com/s1Ezm55mYK
– XC (@runtheirstops) April 19, 2019
Bitcoin may be on the verge of mbadive volatility
One model that traders and badysts have watched closely is the "gold cross" that Bitcoin is forming. Previously, this scheme was only hypothetical, but it now seems that BTC will actually produce this training, which would be very optimistic for cryptocurrency.
One badyst believes that the formation of this model will lead to mbadive volatility that could drive up or down the price of Bitcoin – depending on whether bulls or bears are taking advantage of this opportunity to strike.
"$ BTC. The golden cross path is now scheduled for April 24 (previously, April 25). Should be interesting. A lot of hype to say that it's the signal of the "bull". If I were a bear or a whale, that's where I would hit. The horseback whale benefits from the momentum of GC traders. The bear whale destroys their morale, "says B.Biddies, another popular crypto badyst.
$ BTC. The golden cross path is now scheduled for April 24 (previously, April 25).
Should be interesting. A lot of hype that it is the "Bull Run" signal.
If I were a bear or a whale, it was then that I would go on strike.
The horseback whale benefits from the momentum of GC traders. The bear whale destroys their morale. pic.twitter.com/wwDWxJ5dJh
– B.Biddles (@thalamu_) April 19, 2019
Assuming there are no mbadive price movements over the next few days that change the timing of the formation of the gold cross, both investors and traders should not take for granted the current stability of the gold markets. cryptography because it may not last very long.
Selected image of Shutterstock.
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