If we observe the cryptocurrency market of the past twenty days, the crypto market has been successful in maintaining its gains and even created new trading levels. Numerous coins have reached new record break levels. When it comes to Bitcoin, the coin has surpassed more than $5000 level mark. Analysts believe that this trend can continue for another few months. The prediction is made by the analyst by referring to their previous chart patterns.
One crypto analyst has examined @CryptoChartsJoe and compared the weekly chart from 2015. He observed that the Bitcoin will trade very similar to moving average formation as of now. Relating to the 50-week moving average, there was an early bounce in 2015, further 105 days of accumulation at the time when Bitcoin pulled back.
The weekly chart of 2015 and 2019 were compared by the cryptoanalyst by posting it on Twitter.
The crypto analyst mentioned that if the same Bitcoin trend continues then a change like that might make BTC fall low to $4,000s, and BTC might hold on to it till August before bouncing back up to its earlier resistance levels.
The full bull run started only when BTC retested to 50 MA. This occurred in October after July’s initial test. If Bitcoin fails to break resistance at 50 MA then similar kind of resistance might be noticed in 2019. By referring to the weekly chart on TradingView, this level could be tested in late April.
Various chart analysts have repeated the view and have forecasted a break down at the end of the current rising set on the chart of 4 hours. Leading crypto trader GalaxyBTC for instance has mentioned on twitter:
“Based on this daily fractal we should get another chance to buy $BTC at $4600-$4800 levels before the next run to $6800. Similarities in both candles and volume.”
As of now, all types of crypto assets apart from Binance coin, looks like they are hitting strong over resistance. Currently, the crypto markets are in red, and the reason is due to a drop in Bitcoin price from a weekly high of $5.350. By referring to the altcoin market capitalization the ‘CryptoDog’ has seen differences in numerous altcoins and Bitcoin has maintained itself below the resistance point of $5.400.
Earlier, the crypto market had fallen down by 2 percent which was on par to $4 billion. Many have lost due to altcoins, but Bitcoin has been holding on to its current level. Bitcoin has also enhanced the market dominance to around 53 percent. Bitcoin’s level has been the highest for several months.
Over the week, markets are again at the same level of around $177 billion in market capitalization. The next week will be very critical for any further moves, although most of the indicators are now expecting for a huge pullback.
Bitcoin instability is back to two years low and slow and steady accumulation looks to be pushing market movements as of now. This trend might last for another three months.