Bitcoin Price Stuck Around $5,200 BTC/USD But is Good for the Next Push Up the Charts
At one point, BTC/USD reached $5,300 but hasn’t managed to really cross this level yet as it dropped back to $5,245 with 24-hours gains of about 0.70 percent. For now, a number of analysts and traders are seeing the leading cryptocurrency falling back below $5k that could even take it to $4k, which is to be seen.
We had reported previously how crypto analyst Magic Poop Cannon shared that a “nasty” pullback is in order for the flagship cryptocurrency. Crypto trader Jonny Moe also shares similar sentiments as he shared with Forbes that he is bearish for “near to mid-term” and in the coming weeks a retest to the lower $4ks could be expected.
“On a short term basis, which I consider days, I see us heading higher than the current local high. All of the mid-term StochasticRSI oscillators (the 4h, 6h, 8h, and 12h) had topped on the impulse up to the $5,000s from $4,100, and they're bottomed on April 9 US hours. That tells me that the consolidation of this move is nearing an end, and could have an upward bias.”
I can't stop drawing bearish things. Make it stop. $BTC pic.twitter.com/RTeIWnFe0D
— Jonny Moe (@JonnyMoeTrades) April 18, 2019
“The longer term timeframes – the 1 day, 3 day, and weekly, are all showing a StochasticRSI that is entirely topped out. To highlight how rare that is, the last time the weekly StochasticRSI topped out was June 2017. Not only is it topped, this week's close will mark the fourth straight week it’s been there. That tells me that on a more mid to long term basis, we are very likely to retrace to some significant degree and let this momentum reset.”
The fact that Bitcoin has tried to make a higher move but has been rejected constantly and “soundly,” the rest of the April would be interesting to see how low we can go.
The Longer Bitcoin Remains In $5k-$5.2k Range The Better
After exploding to $5k from $4k in an hour in early April, Bitcoin has remained stuck above $5k for the most part and not much of action since then. This, according to the crypto investor and trader Josh Rager is rather good for the top cryptocurrency.
The more Bitcoin price takes time in the $5,000 to $5,200 range, the more it is good for the leading cryptocurrency as it will provide a much stronger support for its next leg up and at the same time, in case it takes a hit to the downside, this level will provide a much sturdier resistance.
“The longer BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up. Though this equally becomes a stronger resistance if a breakdown occurs. IMO, Bitcoin likely stays in the price range of this chart for weeks to come.”
Mati Greenspan, the senior analyst at eToro also shares similar sentiments as he says the market seems to be in “some sort of slumber.” He further states that at this point it can’t be said how long it will last as it could take months to see another breakout or mere minutes.
Live Bitcoin (BTC) Price:
1 BTC/USD =$27,663.7239 change ~ 0.20%