bitcoin May Break Past $5,350 In The Coming Week, Rally Further
Over the past seven days, () has expressed an uncharacteristic lack of price action. In fact, since April 16th, has ranged between $5,170 and $5,325, as buying and selling orders have dwindled to month-to-date lows.
However, one analyst, Murad Mahmudov of Adaptive Capital, is predicting that over the coming week or two, the markets will finally begin to show signs of action after some further stagnation. In a the prominent analyst, who skyrocketed to fame partially as a result of his appearance on Anthony Pompliano’s “Off The Chain” podcast, explained a potential scenario he sees for .
Mahmudov depicted the fact that over the past three weeks, has tested $5,350 and failed seven times. He adds that with one or two more tests of that local resistance level, which will come over the next two weeks, the asset is likely to break out. And once $5,350 is convincingly broken, Mahmudov explained that could easily rally to $5,750, as there is a clear lack of liquidity in between $5,400 and $5,700. $5,750 is important, in that this is where traded at for months on end in the middle of 2018.
While some are convinced that will break through the long-standing level of importance, Mahmudov expressed that he expects for the crypto asset to fail to surmount that level, falling instead of breaking through. He depicted that if fails to break $5,750, it could easily collapse through $5,000 to $4,800, and set this market under an array of key short-term support levels.
This lines up with his previous theories that aren’t out of a bear market just yet. As reported by World News previously, he has drawn attention to the $1,700 region as the potential point at where will finally bottom. In one comment, he wrote that for to fulfill a repeat of 2014-2015’s cycle, a period of will need to occur, whereas prices could fall 50% from the seeming lows (). Another time, he remarked that if cycles prolong each and every time, could likely have a of before an eventual recovery. Again, he looked to the high $1,000s.
Can BTC Break Past $5,800?
Sure, there’s a high likelihood that won’t pass $5,800, specifically due to the historical importance of that level in 2018’s downturn. But, some are convinced that the market will manage to overcome that barrier, as fundamentals and technicals seem to be signaling that a strong move upside, much like the one seen earlier this month, will come to fruition shortly.
As trader B.Biddles , ’s one-week chart from August to now impeccably resembles a “bump-and-run reversal bottom” (BARR Bottom) shown in a notable technical analysis book.
If the BARR Bottom trend plays out as the textbook’s author, Thomas Bulkowski, explains, will soon see an “uphill run” that will catapult into their next bull run.
Title Image Courtesy of Via Flickr
Published at Sat, 20 Apr 2019 00:50:11 +0000
