Traders and analysts say Bitcoin is to test $5500; $6000 next?

18 Apr, 2019 | Updated: 18 Apr, 2019
by Will Heasman
Price Analysis
Traders and analysts say Bitcoin is to test $5500; $6000 next?

Another day, another promising move from Bitcoin, but will this one be like all the others? And how long until we break past $6000? Here’s what the traders and analysts of the crypto space have to say…

Bitcoin now eyes a new resistance level around $5,300, and Bitcoin seems primed to imminently test that. So if BTC doesn’t get rejected off these levels what’s the upside?

One trader, known as Jesse Feinberg, or Darth Crypto (depending on his mood, presumably) sees BTC running to $5600 – 5760 as long as we break through resistance at $5300. However, rejection off this level, would, in this trader’s view, means a correction, possibly a fairly harsh one to around $4400.

However, that is the worse case scenario and as Feinberg follows up, there is a fair amount of support stopping BTC from causing too much damage:

our next analyst, Josh Rager, suggests that this constant oscillation between $5000 - $5200 is actually gaining BTC further support; caveating that this fluctuation also creates stronger resistance, which may see BTC move sideways for a few weeks…

Chepicap’s own resident Technical analysis expert, David Borman also eyes this key level of resistance. First giving the bear case, Borman suggests that sentiment is still too strong to break through this psychological level. However, ruling nothing out, he states that $4500 may be the next level BTC arrives at should 5k break, due to resistance from rising 200 moving average providing support around that level.

Onto the upside, Borman sees the next target at around 5500, a level at which a previous test failed.

Key levels: if Bitcoin breaks $5300, this is the upside! Subscribe to the Chepicap YouTube Channel for more videos!

Borman asserts that we could get rejected off these levels thanks to the 50-week MA, adding that a break through this resistance level could bring us nicely to $6k, a level at which many have suggested will signify the true end of the crypto winter.

So, the consensus seems to be leaning for a fairly bullish move up provided we break through the aforementioned key levels. The good news is that any rejection is likely to be supported with a fair bit of cushioning on the way down.

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Read more about: Bitcoin (BTC)

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