What traders are saying about Bitcoin: Correction to $4600? onto $6800?

21 Apr, 2019 | Updated: 21 Apr, 2019
by Will Heasman
Price Analysis
What traders are saying about Bitcoin: Correction to $4600? onto $6800?

Bitcoin is still struggling to punch through key resistance levels around $5,300, and while it appears strangely stable, a few believe that it may be building up to a potentially volatile move. So, while we wait for the #1 to actually do something, let's have a look at what some traders believe it will do next... 

Jacob Canfield is one such trader, and apparently, he has found a hidden trend line which may indicate just what Bitcoin has in store.

Canfield relays that the logarithmic support from the 2016-2017 bull run has now turned into resistance, indicating that the bear season might not be over at all.. bummer.

Based on the Fibonacci analysis, Canfield states that this ‘hidden’ trendline now acts as major resistance around $5,350, a hurdle which BTC has been constantly battling against of late, previously getting knocked down to $4,950 as a result of testing it last week.

Canfield continues that surmounting the trendline and regaining from the bears could see us burst into a bull run with the trendline returning as support, provided BTC surpasses $5,700 soon. The longer BTC moves sideways the higher that logarithmic trendline line goes, and thus the less likely we are to see a bull run.

This imminent downturn seems to be a common theme with many traders suggesting that we may see a correction before a resurgence through $6k.

A few traders believe that a rising wedge pattern is forming in BTC, forcing it into the aforementioned $5350 resistance, which may lead to its downfall:

As reported earlier, Galaxy, another well-versed trader, agrees with the aforementioned sentiment, stating that BTC could go as low as $4600 – $4800, providing an opportunity to buy before running onto $6,800.

So, the consensus appears to lean towards a correction at some point, and provided this imminent resistance pushes BTC back again that could be fairly soon…

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