Bitcoin on the Brink of an Explosive Bull Rally; Here’s What Will Trigger It
Bitcoin2020/04/08 21:00 by Cole Petersen
Bitcoin and the entire crypto market appears to have entered another bout of sideways trading within the lower-$7,000 region, with bulls struggling to surmount the resistance that has been formed around $7,300.
The price action seen throughout the past couple of weeks, however, seems to suggest that this consolidation may be short-lived, as it is on the cusp of breaking above a critical trendline.
A clean break of this trendline could send BTC rocketing up towards its next key resistance level around $9,000, according to one prominent analyst.
Bitcoin Enters Consolidation Phase, But It Could Be Gearing Up for a Big Movement
Currently, Bitcoin is trading down just over 1% at its current price of $7,250, which is around the level at which it has been trading at throughout the past day.
This sideways trading comes shortly after the crypto posted multiple rejections at $7,500, with the selling pressure existing around this level proving to be insurmountable for bulls in the near-term.
Because consolidation below resistance is a historically bullish signs, this current price action may simply mark bulls attempting to drum up greater strength before making their next big push.
Galaxy, a prominent crypto analyst on Twitter, offered a highly bullish near-term possibility to his followers, explaining that the benchmark cryptocurrency is currently pushing up against a key descending resistance level.
He notes that a decisive break above this level will open the gates for a swift movement to $9,000.
“$6800 – $9000 is the dream trade I’m waiting for. There is also a slight chance we can break the green line today/tomorrow and just go for it. Either way, I’m patiently waiting to start riding the train to 9K,” he noted.
$6800 – $9000 is the dream trade I'm waiting for.
There is also a slight chance we can break the green line today/tomorrow and just go for it.
Either way, I'm patiently waiting to start riding the train to 9K.$BTC pic.twitter.com/kxJ8LyRacL
— Galaxy (@galaxyBTC) April 8, 2020
Multiple Technical Factors Support This Notion
Mac, another popular cryptocurrency analyst on Twitter, explained that multiple technical factors point to the possibility that Bitcoin will make a near-term movement towards $6,800 before rocketing up to its CME gap at roughly $8,600.
“BTC bullish scenario – Rejection here $7450-$7650 on weekly – Retrace to $6800-6650 – Fill up CME gap in few 4-8 weeks,” he noted.
$BTC bullish scenario
– Rejection here $7450-$7650 on weekly
– Retrace to $6800-6650
– Fill up CME gap in few 4-8 weeks pic.twitter.com/0WpNFh6E5y
— Mac (@MacnBTC) April 8, 2020
Although it does appear to be a strong possibility that Bitcoin will make a short-term movement down towards $6,800, the support at this region could be enough to send the cryptocurrency skyrocketing higher in a move that erases virtually all of its recent losses.
Featured image from Shutterstock.
0 Like(s)
You should also read...
Bitcoin26/11/19 22:00 by Cole Petersen
Bitcoin Taps Lower Boundary of Bullish Channel; Break Below Could Spark Massive Sell Off
Bitcoin (BTC) has been caught in the throes of immense volatility over the past several days and weeks, with the cryptocurrency recently dropping to lows of $6,500 before posting a sharp bounce to $7,... Read More
Bitcoin31/03/20 20:00 by Cole Petersen
Bitcoin Bulls are Being “Put to the Test” as Bears Begin Stacking Sell Orders
Yesterday’s Bitcoin rally has led the cryptocurrency into the mid-$6,000 region, with the mounting resistance at $6,500 proving to be too much for BTC’s bulls to surmount. This has led to yet anot... Read More
Altcoins06/04/20 17:30 by Cole Petersen
Ethereum On Cusp of Explosive Move After Confirming Bullish Formation
Ethereum incurred a notable overnight surge that has allowed it to rally over 8%, gaining a firm position within the mid-$150 region as it begins showing signs of building strong momentum against both... Read More
Bitcoin07/07/20 23:00 by Cole Petersen
Bitcoin Futures Premium Shows That Institutions are Bullish on BTC
Bitcoin futures have seen a rising premium over spot BTC in recent months, which seems to indicate that traders are bullish on the benchmark cryptocurrency.
This premium is particularly clear while lo... Read More
Bitcoin30/09/20 18:00 by Cole Petersen
This Pattern Suggests Bitcoin’s Price is About to “Blast Off” to New Local Highs
Bitcoin and the entire crypto market have witnessed dwindling volatility throughout the past few days and weeks, with both buyers and sellers being unable to gain control of the crypto’s near-term o... Read More
(@MacnBTC) April 8, 2020
Although it does appear to be a strong possibility that Bitcoin will make a short-term movement down towards $6,800, the support at this region could be enough to send the cryptocurrency skyrocketing higher in a move that erases virtually all of its recent losses.
Featured image from Shutterstock.
