has once again been able to reclaim its position above $4,000 after briefly dipping into the $3,900 region earlier this week. Today’s move places back into its previously established range between approximately $4,000 and $4,100.
Although today’s upwards move is certainly positive, the has still been unable to surge past $4,100, which will likely continue to be a level of resistance for the foreseeable future.
bitcoin (BTC) Breaks Back Above $4,000
At the time of writing, is up nearly 2.5% at its current price of $4,065. Today’s upwards price surge has allowed the general crypto markets to surge, with skyrocketing over 15%, and climbing nearly 5%.
Although the persisting bear market – which has been dubbed the “crypto winter” by analysts and traders – is likely far from over, it is important to note that has been able to stay well above its 2018 lows in the low-$3,000, which may signal that this region is a long-term bottom.
Mati Greenspan, the senior market analyst at eToro, spoke to about the current state of the markets, offering a cautiously bullish tone about what he expects to come next for the nascent markets.
“We can’t go from [crypto] winter to summer in a few days, probably not even in a few weeks. Spring is generally a time of volatility where hot and cold often surprise us. Though has yet to snap the bear market, I do believe that crypto winter is now over and we are entering spring,” Greenspan explained.
Although the latest move up may give bulls a small reason to be excited, in late-February swiftly pushed up to $4,200 before spiraling downwards, which signaled that this price is a strong resistance level.
After Holding Support, BTC May Be Ready to Push Higher
Today’s may be a glimpse of what’s coming in the near future.
UB, a popular trader on Twitter, explained in a recent tweet that he is looking to enter a long position after it revisits its equilibrium (EQ) level in the mid-$3,900 region, which could spark another upwards push towards $4,140.
“$ – The Range Low held as support for 7 days before it failed. reclaimed the Range Low in 1 day without running into any resistance at the RL. I’m interested in entering into a long position on a retest of the EQ + POC. Areas of Interest: – $4140 – $3950,” he explained.
– The Range Low held as support for 7 days before it failed.
reclaimed the Range Low in 1 day without running into any resistance at the RL.
I’m interested in entering into a long position on a retest of the EQ + POC.
Areas of Interest:
– $4140
– $3950— UB (@CryptoUB)
As the crypto markets enter the second half of the week, analysts and traders alike will discover whether or not will once again get caught in its previous range between $4,000 and $4,100, or if it will climb higher and establish fresh ranges.
Featured image from Shutterstock.
Published at Thu, 28 Mar 2019 02:11:16 +0000
