Analyst: Despite today's fall, Bitcoin (BTC) is not likely to resume 4,000

After Bitin's overwhelmingly positive price effect over the last couple of weeks, the crypto course has finally hit a strong resistance level that sent it down. Now BTC is starting to establish new levels of support and resistance, which can lead to the creation of a new trading area.

Although today's decline has allowed Bitcoin's bears to take control of the crypto rate, analysts explain that the BTC does have several levels of strong support formed throughout the $ 4,000 region, which means a decline to the lower level of $ 4,000 is very unlikely.

Bitcoin (BTC) does not break $ 5,350

That Bitcoin is over 4% at today's price of $ 5,060, and today trading close to its daily downs.

Today's fall was taken yesterday after Bitcoin rapidly increased from about $ 5,300 to $ 5,350, meeting significant levels of sales pressure that triggered sales that sent the crypto curve down to today's price level.

Most importantly, BTC's descent was stopped when it reached the $ 5,000 region signal that there was significant support at this price level.

Mati Greenspan, senior market analyst at eToro, talked about the market fall in a recent email, and designated yesterday's upward wave as a "false breakout" that died the fall of today.

"We have tracked a new level of resistance of Bitcoin at $ 5,350 (dotted white line). Last night it managed to break this level, but not in a good way. As you can see, the flow was higher quickly followed by a move lower, making this a false breakout, "he explained.

Analyst: BTC has significant support throughout the $ 4000 Region

Although many resellers and investors were quick to shift their bias back to being bearish after today's fall, a prominent cryptocurrency analyst recently explained that Bitcoin has several levels of support that exists throughout the $ 4000 region.

Alex Krüger, an economist who primarily focuses his attention on crypto baskets, discussed where BTC's next levels of support exist in a recent tweet, noting that a drop below $ 5,000 will likely lead the crypt down to $ 4,780.

"Coinbase high was $ 5489. Don't expect a withdrawal to $ 4000. Too deep. Support: 5000, 4780-4680, 4550 (200DMA), 4400, 4200. Resistance: 5350, 5500, 5750 (weak), 6000 , 6400, "he explained.

Coinbase high was $ 5489. Don't expect a withdrawal to $ 4000. Too deep.

̵[ads1]1; Support: 5000, 4780-4680, 4550 (200DMA), 4400, 4200
– Resistance: 5350, 5500, 5750 (weak), 6000, 6400 https://t.co/IbAe07wTEZ

– Alex Krüger (@krugermacro) April 11, 2019

Also, Krüger also explained that his ideal goal exists in the area of ​​$ 4,750, and that he does not see Bitcoin make a move below $ 4,400. [19659010] " This is a pullback. The setup is complete. I am looking for 4750 area, it would be ideal. Surprised to see the price go over 4400. Although I rather do price action and blood than levels, "he said while responding to a tweet and asked how deep the withdrawal is likely to be.

This is a withdrawal. Setup is complete. I am looking for 4750 area, it would be ideal.

– Alex Krüger (@krugermacro) April 11, 2019

As crypto markets near the upcoming weekend trading session, crypto dealers and analysts will probably gain a greater understanding of where BTC's strongest levels of support exist.

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