The crypto markets have been able to halt their downwards descent, finding relatively strong levels of support slightly below their current price levels. Bitcoin (BTC) \u2013 which recently dropped into the $4,900 region after quickly advancing to $5,400 \u2013 has established its recent lows as a region of support and has since been able to tepidly advance higher.<\/p>\n
Despite this recent drop, Bitcoin<\/a> is still on track to form the coveted golden cross technical formation, which has preceded massive bull runs in years past, including that seen following the 2015 bear market.<\/p>\n At the time of writing, Bitcoin is trading up nominally at its current price of $5,100, up slightly from its daily lows of $5,050.<\/p>\n Over the past several weeks, Bitcoin incurred a massive amount of buying pressure<\/a> that sent it skyrocketing from one-month lows of under $4,000 to highs of $5,400. Despite the upwards momentum faltering out earlier this week, BTC\u2019s ability to hold steadily above $4,900 is a bullish sign.<\/p>\n CryptoHornHairs, a popular cryptocurrency analyst on Twitter, told his followers in a recent tweet that the $4,900 level is a critical region of support according to a Wyckoff analysis.<\/p>\n \u201cBitcoin – Wyckoff study – Close below $4.9k on the daily and the ICE shatters,\u201d he said, explaining that a drop below $4,900 will open the gates for significantly further losses.<\/p><\/blockquote>\n #Bitcoin<\/a> – Wyckoff study<\/p>\n Close below $4.9k on the daily and the ICE shatters \u2744\ufe0f\u2744\ufe0f\u2744\ufe0f $BTC<\/a> pic.twitter.com\/7Fjg7NLEvd<\/a><\/p>\n — HornHairs \ud83c\udf0a (@CryptoHornHairs) April 12, 2019<\/a><\/p><\/blockquote>\nBitcoin (BTC) Tepidly Moves to $5,100<\/strong><\/h2>\n
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