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Bitcoin price slips in a temporary reverse gear

Bitcoin slips in a temporary reverse gear

It has been less than 24 hours since Bitcoin’s price peaked at $5,324 on Bitfinex cryptocurrency exchange, but on Thursday, April 4, most popular digital currency is gearing back and trying to find a new support level. BTC/USD retracement was inevitable as most indicators clearly showed overbought conditions. Numerous predictions have been made by professional cryptocurrency investors, but the answer to the question, where does the Bitcoin go from here, remains foggy, to say the least. Here’s a closer look at how Bitcoin’s price might unfold in the next few days.

Across the cryptocurrency investors community, a common consensus has emerged that markets are showing clear signs of bullish recovery. Although some roumours have surfaced the media in the last few days, that Bitcoin’s price rally was ignited by a mysterious investor, or accroding to Bloomberg, by algorithmic trades, no one could argue that most recent Bitcoin price movement events have had positive impact on crypto markets. Cryptocurrencies like Bitcoin Cash or Litecoin, have jumped by more than 30% and are yet to reach new highs in 2019.

Despite the fact that Bitcoin is facing a temporary and highly expected pullback, cryptocurrency traders remain net-long and predicts that next resistance level could be at $6,000 price mark.

Cryptocurrency trader and analyst, referred to as “MagicPoopCannon” and followed by more than 55,000 investors on Tradingview platform, predicts that Bitcoin will face next major resistance at $5,770-$6,110.

In his most recent prediction, MagicPoopCannon, says that there is still “room on the upside, before we really start to run into the major overhead resistance zone.”

“Looking at the breakdown from 6000, we can see that there was a sharp drop , and then a consolidation,” crypto trader predicted.

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Professional crypto trader and economist, Eugene Loza, better known as Excavo, shared similar insights. According to the top trader of all time on Tradingview, who is followed by more than 74,000 investors, next “psychological” BTC/USD resistance level is $5,900 – $6,000.

“We will reach 61.8% of the fibonacci level in the region of $5,100-$5,250, and after that we will see a slight correction to the levels that I indicated – $4,850-$4,750

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Their predictions have been on spot so far and it is likely that the price of Bitcoin will follow the predicted volatile pattern.

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At press time, Bitcoin is trading slightly above $4,890 price point with a total market cap of $85,624,972,347, according to figures from the Coinmarketcap.

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