Bitcoin traders eye $4800 resistance: '$1000 drop is still bullish'

Ever since the drop of Bitcoin back to $5000 on Thursday, bulls and bears are playing tug of war around the current levels. Most traders are now looking at the crucial resistance at $4800.
Bitcoin traders eye $4800 resistance: '$1000 drop is still bullish'
Bitcoin reached its most recent high of $5400 before dropping back to $5000 on Thursday, with most altcoins being hit even harder in this drop. Still, BTC has been up over $800 since the start of the pump at the beginning of April, and despite the red figures in the market the last few days, traders remain bullish.

However, a further decline in the short term is predicted by most of them. The majority of the popular Crypto Twitter traders are aiming for $4800, or even $4600 for now, and are positioning themselves to buy into Bitcoin or alts around those levels.

For the first time since $1000 breakout on Apr 1st, price is reaching an area that I expect to act as resistance.

It's the only area price paused at after the dump from $6k.

- Daily close above 5560 and I expect 6200 to be reached
- Until then treating this spot as res.

View image on TwitterView image on Twitter
update after hitting that resistance.

The pullback of breakout area would be great, but less likely than a slightly higher level.

4800 or 4650 is what I'm aiming for with a retrace bid. pic.twitter.com/wuPK9hUfb4

View image on Twitter

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I'm not interested in adding into my longs here around $5k.

No reason to rush into a position to find out later it was the beggining of a deeper correction.

In a perfect world a retrace back to $4,6k-4,8k could provide very interesting entries on and .

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:
$4800 - $5500.
That's all i'm eyeing.
We nearly got $5500 yesterday, $4800 is the important support.

23 people are talking about this

4hr

- Bearish rising wedge
- Bearish divergence on RSI
- Possible retracement to $4800

View image on Twitter
UPDATE

Don't say I didn't warn you.
The bearish divergence on RSI was too big to ignore.

Let's see if the support level at $4800 will hold. Also we could see a complete retrace back to $4200. We didn't retest the support after last breakout yet. pic.twitter.com/N9vgEGVKZV

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Despite a strong selloff today, i believe there will still be another leg up towards $5800 after we bounce from the $4600-$4800 range.

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dips below $5K, but back up. Support is holding at $5K and its pulling other up as well. The market is short term overbought, and our model has been pointing to a pullback to the 4,000’s.

See Weiss Ratings's other Tweets
As @TheCryptoDog points out, even if Bitcoin drops further, things are still looking very bright in the market.
can fall nearly $1,000 right now and still have a bullish structure in tact.

Wow.

45 people are talking about this
Tyler Jenks, founder of Lucid Investment, predicted on Thursday that Bitcoin will indeed drop another $1000, back to the pre-pump levels of $4200. He even states that his target, Bitcoin back to $1000, is still in play. 
I have not commented on Bitcoin since we broke up through the $4,000-4,200 resistance zone. I believe we are headed back down to that zone and it will not hold. New lows coming. Target of $1,000 unchanged.

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