Bitcoin has now firmly established its position in the low-$4,000 region, which was previously a strong resistance level for the crypto. Although this current stability is certainly positive for investors, BTC has, on multiple occasions, spiraled downwards after long bouts of involatile trading.<\/p>\n
One analyst is now pointing out that Bitcoin is approaching a historic bounce level, which could mean further gains in the near-future are imminent.<\/p>\n
At the time of writing Bitcoin<\/a> is trading up nominally at its current price of $4,070 and is up slightly from its daily lows of $4,030. Ever since BTC pushed above $4,000 last Friday, the cryptocurrency\u2019s upwards momentum has stalled, leading it to trade in an incredibly tight trading range around its current price levels.<\/p>\n In late-February, Bitcoin swiftly pushed up to $4,200 before incurring significant selling pressure<\/a> that brought its price back down to $3,800, which validated $4,200 as a strong level of resistance.<\/p>\n Josh Rager, a popular cryptocurrency trader on Twitter, discussed the strength of the $4,200 resistance level in a recent tweet, explaining that he does not believe BTC will be able to break above it any time soon, which means to drop to $3,500 could be inevitable.<\/p>\n \u201c$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,\u201d he explained.<\/p><\/blockquote>\n https:\/\/twitter.com\/Josh_Rager\/status\/59569152<\/p>\n Although Bitcoin<\/a> may now be pressing up against strong resistance levels, its volume is also resting at a historic bounce level, which likely means that increased volatility is right around the corner.<\/p>\n Crypto Thies, a popular analyst on Twitter, discussed this, noting that he expects the crypto to continue upwards, as this bounce level is typically followed by a decent price swing. Despite this, he also notes that the one factor that is going against BTC\u2019s bulls is the lack of any sell climax so far.<\/p>\n \u201c$BTC Volume MA (on bottom) is at historic bounce levels on the 1W. Volatility incoming. Confident in continuation to upside, although positioned to be fine in event of price dump. Always prepare for best and worst case. 1 bear thought I have, is a lack of sell climax thus far,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> Confident in continuation to upside, although positioned to be fine in event of price dump. Always prepare for best and worst case.<\/p>\n 1 bear thought I have, is a lack of sell climax thus far pic.twitter.com\/hmpWojyRiN<\/a><\/p>\n — Crypto Thies (@kingthies) March 19, 2019<\/a><\/p><\/blockquote>\nBitcoin Hits a Historic Bounce Level, Could a Crypto Market Surge be Imminent?<\/strong><\/h2>\n
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Volume MA (on bottom) is @ historic bounce levels on the 1W. Volatility incoming. <\/p>\n