Bitcoin has been able to continue its slow rise and is now advancing slowly to $ 5,400, which historically has proven to be a strong level of resistance that BTC has failed to break decisively above since it began to emerge earlier this month.
Now a prominent crypto analyst believes that Bitcoin's fractals may signal that it will drop to $ 4,600 before incurring significant buying pressure that will push it to $ 6,800.
Bitcoin (BTC) is slowly approaching $ 5,400
At the time of writing, Bitcoin is trading up 1% to its current price of $ 5,340 and is slightly above its 24-hour low of $ 5,280.
Bitcoin has been rising slowly over the past seven days, rising from $ 5,000 to the current price levels. This upward slide has led many investors to become optimistic about crypto-currency, as their current stability seems to be very positive.
Despite this, The Cryptomist, a popular Twitter crypto analyst, explained that she is leaning toward the BTC in the short run as it is forming a growing wedge pattern that can lead to a collapse.
"$ BTC Fibs at RSI and day-to-day sailing are still reacting well. Also, we form a crescent wedge here at 4 o'clock, which usually leads to breakage. This is only invalidated if the 5390 can be broken and maintained, "she explained in a recent tweet.
Fibs on RSI and day-to-day sailing are still reacting well
In addition, we form a crescent wedge here at 4 o'clock, which usually leads to breaking
This is only invalidated if the 5390 can be broken and
Trade insurance loveys pic.twitter.com/jWZkFxofAC
– The Cryptom (@ TheCryptomist) April 20, 2019
BTC may drop lower before starting a new move
Other analysts seem to agree with The Cryptomist's cautiously pessimistic assessment of Bitcoin, as its fractal patterns may be signaling that additional losses are needed to make the cryptomeock grow larger.
Galaxy, another popular Twitter crypto analyst, discussed this possibility in a recent tweet saying that the BTC could drop to $ 4,600 before incurring sufficient buying pressure to raise the price to $ 6,800.
"Based on this daily fractal, we should have another chance to buy $ BTC at $ 4600- $ 4800 levels before the next race for $ 6800. Similarities in both candles and volume," he said.
Based on this daily fractal, we should have another chance to buy $ BTC at $ 4600- $ 4800 levels before the next race to $ 6800.
Similarities in both candles and volume. pic.twitter.com/IGivErxz5Q
– Galaxy (@galaxyBTC) April 20, 2019
While it is not yet clear whether encryption markets will experience significant volatility during the weekend trading session, investors are highly likely to have a better idea of where markets are approaching as the week begins.
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