The latest Bitcoin news show that the dominant cryptocurrency is testing a big resistance zone basically all of the time, coming thick and fast. Currently, Bitcoin is below the $4k barrier and trading at $3,955. According to analysts, the longer it stays below the $4k gap – the more likely a move to the downside will occur.
Over the past week, Bitcoin has been trading steadily higher above the $3,900 mark – but failed to break this level since late February, when it was seen hitting a monthly high of $4,200. Even though this was very briefly, BTC barely touched $4k before falling back to $3,875 in an instant. Since then, it managed to recover back over $3,900 in the past couple of hours indicating a new bullish momentum.
One analyst with the Twitter handle “filfil” has produced a couple of charts, attempting to predict the further moves of BTC. According to him, “Bitcoin is a bull” right now and has done enough to show this.
BITCOIN – [IS A BULL] – #BTCUSD chart https://t.co/Nb8YaImC9t
— f i l ₿ f i l ₿ (@filbfilb) March 8, 2019
The market action shows repeated patterns over the past few weeks, with a couple of dips and small surges being more and more present. However, if BTC remains above the key 0.5 Fibonacci level (as the analyst predicted), a mark of $5,000 by May this year is definitely a high possibility.
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