Bitcoin Looks To Make A Higher Value Move But Could Run Into A Wall Of Resistance In Short Term
Bitcoin Looking To Make A Higher Move Only To Run Into A Wall
Bitcoin is very well on its way to $5,300 as it is currently surging by 2.64 percent with its market cap moving closer to $100 million.
From February 7th, the price had started surging, going from about $3,380 to $4,914 last week. In the last 24-hours, BTC added just about $300.
According to crypto investor and trader, Josh Rager, there could be another slight pull back but he says for the past week BTC has been putting up higher-lows so that is to be seen.
Exact Similarities To The Drop From $6k
Crypto analyst, Magic Poop Cannon shares his latest analysis of what’s next for Bitcoin that is showing a bull flag consolidation (in black color) after experiencing the massive rally that started last week on Tuesday.
In comparison with the fall from $6k that occurred in November, Bitcoin shares a lot of similarities between the fall to $3,200 and the current uptrend, as per magic.
When the BTC price broke down from $6k, “it tested an area that would later become the 61.8% retrace for the entire decline to 3150.” Now, we are back to that 61.8% retrace level and in the exact same technical formation.
During its fall from $6k, there was a bear flag that consisted of a “few long wicked accumulation candles.” This time, the exact same thing is happening but in the opposite direction. BTC price shot straight up to the 61.8% retrace and we are in a bull flag that includes a few long wicked distribution candles.
From here, Magic says as soon as price rally up, the price will shoot up to the major overhead resistance area that is between $5,777, and $6,135 where we will “run into a wall.”
Time For A Bullish Market
A TradingView analyst, DLavrov says having broken the downtrend lines, the price has confirmed the “downward reversal.”
“We have a strong bullish candle confirming the strength of buyers. RSI confirmed the price reversal from SMA200 and now it gives the bullish signal. MACD lines and histogram support a further upward movement. DMI becomes bullish, and the ADX line starts an upward movement. It confirms that buyers become stronger.”
In the next several weeks, he is expecting BTC to take over $6k but we should be ready to see a pullback here just like Magic has projected. He further says the signals confirm that the market has become bullish and there isn't any reason to see the price falling to the bottom at $3k or lower.