This week Bitcoin was not surprised we have too high volatility of the cryptocurrency was trading in the range from 5170 to $ 5325 all this time. Trader Murad Makhmudov said that soon the flat period will end and Bitcoin will jump to $ 5800. However, then investors are waiting for is not the best of times. After establishing a new price record this year, BTC will return at least $ 1,000.
Today Bitcoin is trading at $ 5329. For the past day, the cryptocurrency has risen 1.05 percent. Mahmoud insists that the growth of the asset can begin as early as next week.
So, what can be seen on the charts? Bitcoin has had some time to test resistance in the area of 5,350 dollars, but each of them was unsuccessful. By the end of April cryptocurrency will be a few more opportunities to get closer to that line. In the end, one of them will lead to a breakthrough of the resistance.
Accordingly, the break will be a good signal to long for most market players. The influx bulls will lead to a sharp rise in price of BTC up to 5800 dollars, so as to this area on the chart there are no major obstacles.
Unfortunately, buyers may not have enough dynamics to break long-term resistance around 5800 dollars. In this case, we are waiting for immediate rollback to the first $ 4,800, after which the asset will begin to look for new support levels.
This forecast is aligned with the theory which States about the continuation of the bearish trend. According to some analysts, even a break above $ 5,000 can not guarantee that in the future we will not see significant thefts of Bitcoin.
Let’s hope they really last. To extract the maximum profit from the upcoming bullrun, subscribe to our cryptcat of hontarov!
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