{"id":372405,"date":"2019-02-22T22:00:07","date_gmt":"2019-02-22T22:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=372405"},"modified":"2024-06-11T07:44:51","modified_gmt":"2024-06-11T07:44:51","slug":"analyst-claims-bitcoin-must-break-above-4000-or-btc-will-face-strong-rejection","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-claims-bitcoin-must-break-above-4000-or-btc-will-face-strong-rejection\/","title":{"rendered":"Analyst Claims Bitcoin Must Break Above $4,000 Or BTC Will Face Strong Rejection"},"content":{"rendered":"<p>Bitcoin is once again beginning to creep towards its strong resistance level at $4,000 following a relatively involatile trading session over the past couple of days. Although BTC has seen some incredibly bullish momentum over the past few weeks and has firmly established the low-$3,000 region as a strong level of support, its upwards ascent stalled once it was rejected at $4,000.<\/p>\n<p>Now, one analyst claims that breaking decisively above $4,000 in the near-future is critical for <a href=\"https:\/\/wncen.com\/2019\/02\/21\/analyst-buying-next-bitcoin-btc-pullback-could-lead-to-30-gains\/\">Bitcoin<\/a>, as doing so would break the \u201clower high bounce\u201d trend that BTC has experienced consistently since reaching $20,000 in late-2017.<\/p>\n<h2><strong>Bitcoin Climbs Slightly, But BTC Faces Strong Resistance at $4,000<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/2019\/02\/15\/bitcoin-btc-stable-above-3600-but-analysts-warn-that-further-losses-are-likely\/\">Bitcoin<\/a> is trading up approximately 1% at its current price of $3,985. Ever since BTC surged to its current price levels from weekly lows of $3,600, it has been pushed down each time it touches $4,000, which signals that a large amount of selling pressure exists at this price level.<\/p>\n<p>It is currently unclear as to whether or not Bitcoin\u2019s bulls will be able to garner enough buying pressure to break through this level, but a failure to do so in the near-future may lead to a large drop.<\/p>\n<p>Chonis Trading, a popular cryptocurrency trader on Twitter, spoke about the importance of breaking above $4,000 in a recent tweet, explaining to his followers that every oversold BTC bounce has been followed by lower highs, but a break above $4k would break this persisting trend.<\/p>\n<blockquote><p>\u201c$BTC &#8211; Since Bitcoin $20k every oversold bounce (1) has been followed up by a lower high bounce (2) that gets rejected right around the .55fib extension of the previous bullish impulsive move. Breaking this trend has #bitcoin closing over $4k otherwise another strong rejection&#8230;\u201d<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> &#8211; Since Bitcoin $20k every oversold bounce (1) has been followed up by a lower high bounce (2) that gets rejected right around the .55fib extension of the previous bullish impulsive move. Breaking this trend has <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> closing over $4k otherwise another strong rejection&#8230; <a href=\"https:\/\/t.co\/9agBo9rxxN\" rel=\"nofollow\">pic.twitter.com\/9agBo9rxxN<\/a><\/p>\n<p>&mdash; BIG Chonis (@BigChonis) <a href=\"https:\/\/twitter.com\/BigChonis\/status\/25435905?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 22, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Could Bitcoin\u2019s Sideways Trading be Bullish?<\/strong><\/h2>\n<p><strong>\u00a0<\/strong>Although Bitcoin\u2019s recent bout of sideways trading has left many traders wondering as to where its price is heading next, one analyst believes that its ability to hold steady and consolidate at its current price levels without being pushed down is a bullish development.<\/p>\n<figure id=\"attachment_371479\" aria-describedby=\"caption-attachment-371479\" style=\"width: 600px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-371479 size-medium\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/shutterstock_1092883853.jpg?resize=600%2C400\" alt=\"\" width=\"600\" height=\"400\"><figcaption id=\"caption-attachment-371479\" class=\"wp-caption-text\">One analyst believes that Bitcoin&#8217;s recent bout of sideways trading could actually be bullish.<\/figcaption><\/figure>\n<p>TraderKoz, another popular cryptocurrency trader on Twitter, spoke about this, noting that the bull\u2019s ability to support Bitcoin&#8217;s price at its current levels leads him to believe that they will be able to continue pushing its price up.<\/p>\n<blockquote><p>\u201cThe fact that $ETH and $BTC are just consolidating here without being pushed down makes me bullish. You&#8217;d think that we&#8217;d have a retrace by now but the bulls are holding price up. I&#8217;m expecting another push up.\u201d<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The fact that <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> are just consolidating here without being pushed down makes me bullish.<\/p>\n<p>You&#39;d think that we&#39;d have a retrace by now but the bulls are holding price up. I&#39;m expecting another push up.<\/p>\n<p>&mdash; TraderKoz (@TraderKoz) <a href=\"https:\/\/twitter.com\/TraderKoz\/status\/96291840?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 22, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As the markets head into the weekend, it is likely that Bitcoin and the general cryptocurrency <a href=\"https:\/\/wncen.com\/2019\/02\/20\/fbi-bitconnect-victims\/\">markets<\/a> will see increased levels of volatility due to lower-than-typical trading volumes, which may give analysts greater insight as to where the markets are heading next.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is once again beginning to creep towards its strong resistance level at $4,000 following a relatively involatile trading session over the past couple of days. Although BTC has seen some incredibly bullish momentum over the past few weeks and has firmly established the low-$3,000 region as a strong level of support, its upwards ascent stalled once it was rejected at $4,000. Now, one analyst claims that breaking decisively above $4,000 in the near-future is critical for Bitcoin, as doing so would break the \u201clower high bounce\u201d trend that BTC has experienced consistently since reaching $20,000 in late-2017. Bitcoin Climbs Slightly, But BTC Faces Strong Resistance at $4,000 At the time of writing, Bitcoin is trading up approximately 1% at its current price of $3,985. Ever since BTC surged to its current price levels from weekly lows of $3,600, it has been pushed down each time it touches $4,000, which signals that a large amount of selling pressure exists at this price level. It is currently unclear as to whether or not Bitcoin\u2019s bulls will be able to garner enough buying pressure to break through this level, but a failure to do so in the near-future may lead to a large drop. Chonis Trading, a popular cryptocurrency trader on Twitter, spoke about the importance of breaking above $4,000 in a recent tweet, explaining to his followers that every oversold BTC bounce has been followed by lower highs, but a break above $4k would break this persisting trend. \u201c$BTC &#8211; Since Bitcoin $20k every oversold bounce (1) has been followed up by a lower high bounce (2) that gets rejected right around the .55fib extension of the previous bullish impulsive move. Breaking this trend has #bitcoin closing over $4k otherwise another strong rejection&#8230;\u201d $BTC &#8211; Since Bitcoin $20k every oversold bounce (1) has been followed up by a lower high bounce (2) that gets rejected right around the .55fib extension of the previous bullish impulsive move. Breaking this trend has #bitcoin closing over $4k otherwise another strong rejection&#8230; pic.twitter.com\/9agBo9rxxN &mdash; BIG Chonis (@BigChonis) February 22, 2019 Could Bitcoin\u2019s Sideways Trading be Bullish? \u00a0Although Bitcoin\u2019s recent bout of sideways trading has left many traders wondering as to where its price is heading next, one analyst believes that its ability to hold steady and consolidate at its current price levels without being pushed down is a bullish development. TraderKoz, another popular cryptocurrency trader on Twitter, spoke about this, noting that the bull\u2019s ability to support Bitcoin&#8217;s price at its current levels leads him to believe that they will be able to continue pushing its price up. \u201cThe fact that $ETH and $BTC are just consolidating here without being pushed down makes me bullish. You&#8217;d think that we&#8217;d have a retrace by now but the bulls are holding price up. I&#8217;m expecting another push up.\u201d The fact that $ETH and $BTC are just consolidating here without being pushed down makes me bullish. You&#39;d think that we&#39;d have a retrace by now but the bulls are holding price up. I&#39;m expecting another push up. &mdash; TraderKoz (@TraderKoz) February 22, 2019 As the markets head into the weekend, it is likely that Bitcoin and the general cryptocurrency markets will see increased levels of volatility due to lower-than-typical trading volumes, which may give analysts greater insight as to where the markets are heading next. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":371586,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,6664],"class_list":["post-372405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>Analyst Claims Bitcoin Must Break Above $4,000 Or BTC Will Face Strong Rejection<\/title>\n<meta name=\"description\" content=\"One analyst claims that breaking above $4,000 in the near-future is critical for Bitcoin, as doing so would break BTC&#039;s persisting \u201clower high bounce\u201d trend\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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