05 May 2019 | Darcy K. Butcher, MA, Journalist | Pacific Rim International
Bitcoin has been hitting the top of trend line. BTC had dropped down to the 21 daily moving average. It closed above a key level, the 50 SMA on the weekly. Bulls pushed Bitcoin well above the 50 weekly moving average, which usually acts as a major resistance in any market. A lot of caution has been in play. Until Bitcoin closes below the 21 Bears remain in the shadows. Although Bitcoin saw a move above 0.618 fibonacci ($5400 range) and the 1.72 ($5804) a lack of volume has not sustained these upper levels. Heavy resistance sits $5800 - $6000. There is some indication that this upper limit for Bitcoin has been sustained as the Tether FUD with Bitfinex necessitated a higher ranges to clear out held short positions (shorts have not reduced their risk/exited and are trapped).
The general consensus for the first six months of 2018 was that $6,000 was the bottom in Bitcoin. Furthermore the outlook has been that the Bear market will likely end in 2019. Many investors who entered the market before the last Bull run and held are trapped at just above $6000 price range. The $6000 range is therefore significant resistance/placement to sell trapped positions still being held. For this reason some indication is in that testing at and above this threshold Bitcoin can see a sudden and abrupt sell off occur causing a possible flash crash to complete capitulation. Others see slow grinding in either direction because lack of sustained volume. This time in the market is also defined as accumulation for both the private and public sectors.
50 MA $5411
30 MA $5346
$5777 - $6050
$5300 - $5420
#TRX must hold 2.45 or down to .02
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Darcy K. Butcher, MA. BA Print & Photo Journalism
Writer, Print and Photo Journalist, Blockchain Educator
I am interested in cryptocurrency as a social, cultural, financial point of view.
For educational purposes only. This is not financial advice. DYOR
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