Bitcoin Gandalf Holding the Price, Shall not Pass the Current Resistance: $3,500 Support Level Analysis


Bitcoin is seeing strong resistance at $4,200, a sentiment shared by crypto traders and analysts, Josh rager, Benjamin Blunts, and Credible Crypto that sees BTC price taking a hit to $3,600 level as it forms a double top.

Gandalf Holding The Price At Crucial Level

Since early March, Bitcoin has been slowly making its way upwards from $3,745 to just above $4k. The movement has been really sluggish with the price crawling towards $4,100.

At the time of writing, the flagship cryptocurrency, Bitcoin has been trading at $4,047 with 24-hours gains of 0.01 percent. Meanwhile, it has been managing the daily trading volume of $9.6 billion which has taken a hike from yesterday’s $8 billion range.

BTC price chart, Source: Coinmarketcap

However, as experts have already pointed out, the chances of Bitcoin seeing a major uptrend are slim to none currently. However, we could expect a decent hike only to test previous support.

Now, crypto trader and investor, Josh Rager took to Twitter to share that at $4,245 level, the Gandalf is holding the price from going upwards. A move down from here would see BTC hitting the $3,600 mark with weekly MA providing the support at $3,196.

“BTC Weekly Chart: Gandalf is holding BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s.”

Other crypto experts agree to the same sentiments as recently market analyst and trader, Benjamin Blunts has shared that Bitcoin hasn’t been looking healthy, having completed 5 wave cycles. He is also looking for BTC to take a drop around $3,650 level.

“4h double top formed which compliments my wave count. Double top gets confirmed below 3920 but if BTC does rollover here, most alts will probably come with it.”

Crypto trader, Credible Crypto reasserts his bearish and bullish stance on which he is unmovable. If BTC price breaks the $3,995 level, we could see the bulls moving in, however even in that case we can’t expect the Gandalf to move and will find strong resistance at $4,200.

As for the bearish move, a break below the $3,920 mark will see BTC hitting the $3,600 easily. He further stated that he is out of BTC longs and

“not looking to re-enter until we get a clean break above 4.1-4.2k.”

“BULL on a break above $3995, BEAR on a break below $3920. Whichever gets hit first will likely give way. It's decision time. I am prepared for either scenario.”

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