Bitcoin Bull vs Bear Showdown: BTC Price Weekly Resistance & Monthly Outlook Analysis
Bitcoin turned green and jumped $4,100 by closing at $4,153. But with the 24-hours loss of 0.16 percent, the top cryptocurrency dropped and has been trading at $4,089, at the time of writing, as per Coinmarketcap.
This drop followed the news of Bithumb hack as cryptocurrency prices in the broader market started to move downwards. The market is slowly turning red and losing all the gains it had made, wiping out $7 billion from the total market cap in the process.
Just yesterday, CNBC Futures now, posted yet another Bitcoin rocket tweet with “can’t stop” and “won’t stop.” And yet again just as Bitcoin has been making an upward move, CNBC took it down with its bullish Tweet.
It’s been a while… but Bitcoin…. pic.twitter.com/wQdEcg7BqQ
— CNBC Futures Now (@CNBCFuturesNow) March 30, 2019
A short rally had started as Bitcoin jumped 3 percent but is back to going below $4k. According to crypto analyst, The Cryptomist, we might not break into an upward move right now. She is expecting Bitcoin to take a drop before it sees a long green candle.
“Weekly resistance right on the money! The daily candle is being rejected by the downtrend resistance that has held us in for a year. Double top on RSI suggest we may not break right now. My gut feeling – need 1 more leg down before break. When we do break, long green candle!”
When it comes to the monthly outlook for Bitcoin price, it all depends if BTC takes down the $4,300 level as crypto analyst, Altcoin Psycho said,
“The monthly chart paints such a simple yet telling picture. I think we can agree this looks like any other bearish support/resistance flip. With that said, it'll be pretty significant if we do clear the 4300-4400 level. PLENTY of free space above.”
According to the crypto trader, Credible Crypto $4,200 is the point where the Bitcoin bull and the bear showdown will occur and we get to see for sure the direction Bitcoin will move into.
Just like Credible Crypto, crypto trader and investor, Josh Rager says if we manage to break the resistance and move above $4,200, it would be bullish in the short term as we could even get to see $5k but it needs green ascending volume.
$BTC – Multiple Scenarios
Fact is: nobody knows the next move
It's been a historically good idea to short/sell near $4200 and buy/long near $3500
A break, close and hold above $4200 is bullish in the short term
Break of $3500 is very bearish
Sideways is great for alt pumps pic.twitter.com/ushgcGqqlW
— Josh Rager 📈 (@Josh_Rager) March 29, 2019
While the bearish scenario will occur if price peaks out with descending volume that would see BTC drop around $3,500. And if this breaks down as well, it would be “very bearish” meaning we can further drop to $3,196, the yearly lowest from December.
“It's been a historically good idea to short/sell near $4200 and buy/long near $3500.”
In case Bitcoin continue to trade sideways as it has been doing for the past few days, it would be good for altcoins. The money from Bitcoin will move into altcoins and they will see significant pump.
As far as zooming out of the weekly resistance and monthly outlook, many are expecting the 2020 bitcoin halving to be significant for the BTC value. Expected to happen between April and June of next year, many analyst are in agreement that a rally is inevitable. Especially, if you take into account bitcoin's 10 year history and track record of currently going through it's fourth fractal pattern of 90%+ clawbacks from all time high levels only to see a bounce back of 10-20x to follow. This is why many crypto twitter traders are expecting the value to skyrocket once the real momentum and market mojo kicks back into the ever-evolving equation of crypto assets.