After a long period of sideways trading bitcoin finally made the big move up and now faces some resistance levels around its current price. The upward fluctuation of bitcoin today allowed the cryptocurrency market to rise and represents a second price fluctuations in the market over the past couple of weeks.
Now analysts believe that bitcoin will continue to climb until you reach about $4100, where the cryptocurrency can face high levels of resistance.
Bitcoin (BTC) is close to $4000
At the time of writing, bitcoin was trading more than 8% above its current price of $3930. Yesterday BTC was down to $3600, before rising to current levels. In addition to higher prices daily trading volume of bitcoin has grown by about $10 billion, far exceeding the one-week lows just under $6 billion
Luke Martin (Luke Martin), a popular cryptocurrency analyst on Twitter, discussed the fluctuations in the price of BTC earlier today, noting that he currently expects $4120 will be the next level of obvious resistance.
Next $BTC daily resistance that I’m targeting is the 4120 area. This is the previous range resistance from the area we traded in for most of Dec-January. pic.twitter.com/SBfCyr2k5R
— Luke Martin (@VentureCoinist) February 18, 2019
Mr. Chief, another popular cryptocurrency analyst, shared the same bullish mood, noting that BTC stayed above $3900 to the end of the day, can fly.
$BTC #bitcoin
If BTC can close above 3900, it will fly. Currently at trend channel resistance. I expect it to cool off here in the short term pic.twitter.com/MWHZ2W33tO
— Mr Chief (@HaloCrypto) February 18, 2019
After the upward movement of BTC 8 February, many analysts expect that cryptocurrency will form what is usually called a pattern “Bart”, where bitcoin, or any cryptocurrency, raised, traded sideways, and then returns to its previous price levels.
Despite this, the ability of bitcoin to rise after previous swings may signal that he has found a long term bottom in the region with a low level of $3000.
Maybe a bear market coming to an end?
Although today’s upward movement is relatively small and bitcoins are still far from their record highs, its ability to hold a lower level of $3000 as a strong support level, of course, positive from a technical point of view.
Mayne, another popular analyst, in a recent tweet was talking about the possibility that the markets begin to rise, noting that technical biases can change quickly.
We’ve had some bullish moves on $ETH, $BTC, and $alts over the last 2 weeks.
Is the bear market over? Maybe, the fact of the matter is we are going up
Traders must see PA for what it is and bias can change quickly. If you have been stuck with a bearish lense you are missing out
— Mayne (@Tradermayne) February 17, 2019
If the markets will continue to rise in the week ahead, traders and investors can gain more insight about whether a low of $3000 is a long-term bottom.
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