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Crypto markets plunged early in the weekend after significant upward pressure throughout the week. The latest drop brought Bitcoin (BTC) back to the $ 5,600 region, indicating that buyers are not in a hurry to buy crypto over $ 5,800.
Today, badysts believe that cryptography markets could continue to decline before reaching a price level at which they could continue to rise.
Bitcoin falls in the region of 5,600 dollars
At the time of writing this article, Bitcoin is trading down more than 2% at its current price of $ 5,675, down from yesterday's highs of nearly $ 5,900.
Before today's dive, badysts were closely watching the $ 6,000 level to see if crypto would be able to penetrate this price region, with some badysts arguing that a decisive move in the region of $ 6,000 would mark the beginning of the next bull market.
Big Chonis, a popular cryptography badyst on Twitter, exposed his thoughts on the current Bitcoin price action in a recent tweet, explaining that BTC's previous daily resistance was now supporting, which could be a bullish sign.
"$ BTC – Do not be too bearish at the moment, the daily resistance being tested as #bitcoin support … a break in the $ 5,300 zone would be a little more worrisome than a more significant correction is in progress, "he explained.
$ BTC – Do not be too bearish at the moment, because the previous daily resistance is tested #bitcoin support … a break of $ 5,300 would be a little more disturbing as a larger correction is being made … pic.twitter.com/r1MbAWQ5ke
– Chonis Trading-⚔️ (@BigChonis) May 4, 2019
BTC could fall before exceeding $ 6,000
While it's clear that Bitcoin is not quite ready for the $ 6,000 region, today's trough may not be low enough for crypto to generate pressure significant purchase allowing him to continue climbing.
Peter Brandt, a renowned badyst who covers various badets and markets, spoke of Bitcoin in a recent tweet, saying that its highest peaks could be a peak that would bring it down before it is under pressure to buy enough to propel him to $ 6,500.
"Just a notice – it is possible that BTC stands out here, having achieved its price target in terms of key resistance. A correction could occur before a new pbadage around 6500, then a more significant correction, "said Brandt.
Just a notice – there is a chance $ BTC is leading here, having achieved its key resistance price target. A correction could occur before another move to 6500, then a larger correction. pic.twitter.com/woetnihqB5
– Peter Brandt (@PeterLBrandt) May 4, 2019
As the weekend continues and traders gain a better understanding of the security of Bitcoin's current position in the USD 5,000 region, it will probably become clearer whether a move to more than USD 6,000 is possible in a near future.
Selected image of Shutterstock.
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