Bitcoin has experienced a quiet weekend trade and is currently in the midst of the established trading area between $ 4,000 and $ 4,100. It is unclear how long this spectrum will continue, but historically BTC has experienced relatively significant price increases after long-term follow-up of side trade.
Now, analysts seem to agree that Bitcoin will give a big upward turn toward $ 5,500 near the future, but it is important to note that the possibility of further disadvantages remains.
Bitcoin (BTC) caught in persistent trading area
At the time of writing, Bitcoin is trading marginally down to today's price of $ 4,020. Over the past few days, BTC's volatility has been declining as trading reaches tighter.
Although the upper limit of BTC's current trading range will surely act as a resistance level in the near future, the key level that analysts and traders look closely at is how Bitcoin responds to $ 4,200, which is where crypto faced strong resistance and spiral downwards last year.
Crypto Krillin, a cryptocurrency analyst on Twitter, recently discussed where he sees the Bitcoin headline next, more importantly note that he believes the crypto will give an upward turn toward $ 5,500 next, but further adds that a downside goal of $ 3,000 is still an opportunity.
"The moment of truth for Bitcoin is very close. We are flying straight through the cloud to 5500, or we are visiting 3000. I am lean bullish," he explained in a recent tweet.
The moment of sand for Bitcoin is very close.
We fly straight through the cloud to 5500, or we visit 3000. I lean bullish. pic.twitter.com/15a9QWXpKK
– Crypto Krillin (@LSDinmycoffee) March 23, 2019
$ 5,500 Become an important level for bitcoin
Crypto Krillin is not alone in his belief that Bitcoin's upside now exists around $ 5,500.
Yesterday, Galaxy, another popular cryptocurrency analyst on Twitter, explained that he nearly 50k followers that BTC is now approaching the end of a rising triangle formation, which means the crypto is Statistically, a large upward price is likely to fluctuate against $ 5,500 over the next month or two.
"According to Bulkowski's study, over 60% of rising triangles with falling volumes end up … with an average price increase of 35%. It gives us a goal of $ 5,500 BTC when breakout is confirmed," he noted.
According to Bulkowski's study, more than 60% of rising triangles with falling volume ended up going up
with an average price increase of 35%
– Galaxy (@galaxyBTC) March 23, 2019
When the new week starts and trading volume begins to hit, the crypto market will Gain greater insight into how strong Bitcoin's current trading area is, and where to head next.
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