Following the crypto market’s quiet weekend trading session, most cryptocurrencies have continued to trade flat, and have thus far maintained nearly all of their recent price gains that were incurred during Friday’s market surge. Bitcoin (BTC) has found stability in the mid-$3,600 region and appears to be forming $3,700 as a level of resistance.
Multiple analysts now expect Bitcoin to form another upwards leg before hitting a strong resistance level, which is unlikely to be swiftly broken above unless the cryptocurrency’s bulls garner a significant amount of buying pressure.
Bitcoin Stable Around $3,650, Analysts Bearish on Larger Time Frames
At the time of writing, Bitcoin is trading down marginally at its current price of $3,645. Over the weekend, BTC rose to highs of nearly $3,700 before swiftly being pushed down towards its current price levels. This signals that $3,700 may be a level of relative resistance for the cryptocurrency in the short-term.
In a recent tweet from Mayne, a popular cryptocurrency analyst, he explained that he is still bearish on BTC over high time frames despite Friday’s upwards surge that sent it from lows of $3,400 to highs of $3,700.
“$BTC…I’m still leaning bearish on the HTF… I think if we make another leg up we top out in the grey zone… If we make a higher high, great, I’ll be bullish. Don’t let your ego or some neckbeard on CT yelling “REKT” stop you from moving with price… Just focus on the chart,” he explained.
I'm still leaning bearish on the HTF.
I think if we make another leg up we top out in the grey zone.
If we make a higher high, great, I'll be bullish. Don't let your ego or some neckbeard on CT yelling "REKT" stop you from moving with price.
Just focus on the chart. pic.twitter.com/YhfpN9HSwb
— Mayne (@Tradermayne) February 11, 2019
Nigel Green, the CEO of the UK-based deVere Group, recently shared a similar sentiment to Mayne while speaking to MarketWatch, noting that Bitcoin has still yet to break above its strong resistance level at $4,000.
“It was a relatively sudden jump, and, of course, positive news for those holding bitcoin. However, the price only reached the top of the trading range and investors should not be popping champagne corks just yet,” Green explained.
Although the market’s recent price climb was certainly positive for investors, analysts are still leaning bearish on BTC.
Analyst: Bitcoin Likely to Drop After Climbing Higher
In line with the aforementioned analyst’s bearish assessment of Bitcoin, DonAlt, another popular cryptocurrency trader on Twitter, recently spoke about where he sees Bitcoin heading in the near future, noting that he expects BTC to climb above its previous high in the mid-$3,700 range before dropping further.
“$BTC daily update: Stopped dead in its tracks… I think for a dump to happen we need to take out the previous high first… If that happens and we get a high momentum dump into the breakout I’ll be shorting to the green line… If we break upwards I’ll long the S/R flip at red.”
$BTC daily update:
Stopped dead in its tracks.
I think for a dump to happen we need to take out the previous high first.
If that happens and we get a high momentum dump into the breakout I'll be shorting to the green line.
If we break upwards I'll long the S/R flip at red. pic.twitter.com/FwkVKB1ZZc
— DonAlt (@CryptoDonAlt) February 10, 2019
As the week continues on it is likely that the market’s volatility will gradually begin to increase, which will give investors and traders alike greater insight into which direction the markets are heading next.
Featured image from Shutterstock.
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