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Bitcoin (BTC) Likely to Pump Once More Before Significantly Retracing:
Bitcoin has been able to maintain nearly all of its recent gains it has incurred over the past week and has been able to maintain stability around its monthly highs of $5,300. This positive BTC price action has led to an influx of capital into other cryptocurrencies, generating gains that have led many analysts to declare the Crypto Winter over.
Despite the celebrations regarding the end of a long and arduous bear trend in the crypto markets, one prominent analyst believes that it is still too early to get excited, as Bitcoin may make one more large upwards push before hitting a significant resistance level that will lead.
Bitcoin (BTC) Stable at $5,300
At the time of writing, Bitcoin is trading up nearly 2% at its current price of $5,240 and is only trading down slightly from its recently established highs of $5,300. BTC is currently up significantly from its monthly lows of $3,800.
Although Bitcoin is showing few clear signs of making any bearish price movements in the near-future, Josh Olszewicz, a popular cryptocurrency analyst on Twitter, recently explained that he does see a bear division building over a higher time zone.
“4h $BTC: as others are point out… RW + bear div building into high TF res… 50% = $4750,” he concisely noted, bearishly explaining that a retrace towards $4,750 could be imminent.
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http://archive.is/RiDpBOriginal:
https://www.newsbtc.com/2019/04/09/analyst-bitcoin-btc-likely-to-pump-once-more-before-significantly-retracing/Bitcoin has been able to maintain nearly all of its recent gains it has incurred over the past week and has been able to maintain stability around its monthly highs of $5,300. This positive BTC price action has led to an influx of capital into other cryptocurrencies, generating gains that have led many analysts to declare the “Crypto Winter” over.
Despite the celebrations regarding the end of a long and arduous bear trend in the crypto markets, one prominent analyst believes that it is still too early to get excited, as Bitcoin may make one more large upwards push before hitting a significant resistance level that will lead to what he describes as a “significant retrace.”
Bitcoin (BTC) Stable at $5,300
At the time of writing, Bitcoin is trading up nearly 2% at its current price of $5,240 and is only trading down slightly from its recently established highs of $5,300. BTC is currently up significantly from its monthly lows of $3,800.
Although Bitcoin is showing few clear signs of making any bearish price movements in the near-future, Josh Olszewicz, a popular cryptocurrency analyst on Twitter, recently explained that he does see a bear division building over a higher time zone.
“4h $BTC: as others are point out… RW + bear div building into high TF res… 50% = $4750,” he concisely noted, bearishly explaining that a retrace towards $4,750 could be imminent.