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 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.
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 $BTC 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.
$BTC update after hitting that resistance.
The pullback of breakout area would be great, but less likely than a slightly higher level.
4800 or 4650 is what I'm aiming for with a retrace bid. pic.twitter.com/wuPK9hUfb4
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$BTC :
$4800 - $5500.
That's all i'm eyeing.
We nearly got $5500 yesterday, $4800 is the important support.
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$BTC 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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As @TheCryptoDog points out, even if Bitcoin drops further, things are still looking very bright in the market.
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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