Bitcoin and the entire cryptocurrency market seem to have entered another sub-trade in the area below $ 7,000, and the bulls are struggling to overcome the $ 7,300 resistance.
However, the price movement over the past few weeks suggests that this consolidation may be short-lived, as it is at the peak of breaking above a critical trendline.
According to a leading analyst, a clear break of this trendline could cause BTC to send around $ 9,000 rockets towards the next key resistance level.
Bitcoin Enters Consolidation Phase, But May Shift For A Big Move
Currently, Bitcoin is trading just above 1% Current price it was at the last $ 7,250 level.
This sub-trade takes place shortly after cryptocurrencies registered multiple rejections for $ 7,500, and sales pressure at this level proves to be insurmountable for bulls in the short term.
Since consolidation under resistance is historically bullish, this current price movement may try to give the bulls more power before making their next big pressures.
Galaxy, a prominent crypto analyst on Twitter, offered its followers a very high probability of bullish trends and announced that the comparative cryptocurrency is currently pushing against a significant declining resistance level.
He notes that a definite break above this level will open the doors for a quick move at $ 9,000.
“$ 6800 – $ 9000 is the dream trade I expected. We also have the chance to break the green line today and tomorrow and just go. In both cases, I wait patiently for 9K to get on the train, ”he said.
$ 6800 – $ 9000 is the dream trade I expected.
We also have the chance to break the green line today and tomorrow and just go.
– Galaxy @galaxyBTC Instagram photos and videos • Imgwonders April 8, 2020
Multiple Technical Factors Supporting This Concept
Another popular cryptocurrency analyst on Twitter, Mac is $ 6,800 before rocketing from approximately $ 8,600 to the approximate CME gap of multiple technical factors in Bitcoin. He explained that he pointed out the possibility of making a near term move.
"The BTC bullish scenario – $ 7450 per week – $ 7650 rejected – pull back to $ 6800-6650 – fill the CME gap in a few 4-8 weeks," he said.
$ BTC bullish scenario
– $ 7450 – $ 7650 per week
– Pull back to $ 6800-6650
– Fill the CME gap in 4-8 weeks pic.twitter.com/0wpnfh6e5y
– Mac ❄️🐺 (@MacnBTC) April 8, 2020
Although it seems like a strong possibility that Bitcoin will make a short-term move up to $ 6,800, the support in this region may be enough to throw away the cryptocurrency with an almost erased move.
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