Bitcoin (BTC) pulled back to the ‘no-trade zone’ or ‘resistance zone’
Bitcoin pulled back to the ‘no-trade zone’ or ‘resistance zone’ as seemed to have pulled back from the break-away from the ascending triangle on 22nd April 2019 above $5600. While most traders believe with high probabilistic certainty that the ‘bottom is in’, the bears and bulls still seem to be in a tussle.
The price of Bitcoin 12: 30 hours UTC on 25th April 2019 is $5494. It is trading 0.37% higher on a daily scale.
The Bear Argument
Tone Vays still suggests that the bullish move at the beginning of the month is a bull trap and the bear market isn’t over. On the weekly chart, he mentioned that
“we were not able to hold the (200-Day) moving average. Hence, the consolidation continues between the 200-Day and 50-Day moving average.”
BTC/USD 1-Week Chart on Coinbase (TradingView) According to the 4-hour chart and 12-hour chart, Vays suggested that sequential candlestick principals pointed towards an obvious pullback. He expects
“A short term correction most likely leading to a long term correction…”
Bulls Maintain their Conviction As well
While Tone Vays belonged to the class of bears, bulls like B.Biddles haven’t changed their perception either. According to a recent tweet by B.Biddles,
“$BTC Okay, checking in on the ascending triangle… Looks like we closed above it, then retraced back into the resistance range. Not seeing anything to do here. Still holding my long w/ avg. entry $5212.”
BTC/USD 1-Day Chart (Pull Back to the no-trade zone) Moreover, BTC seemed to pull back to the parallel channel above $5000 and $5450 leaving the traders uncertain. B.Biddles, however, stands with his earlier analysis of the BARR (Bump and Run Reversal) bottom pattern which suggests we have entered the Run side. Further, the principals of BARR align with the ‘back and fill trading‘ mentioned by Bitcoin [BTC] futures trader Jeff Kiburg.
Bitcoin Daily Chart BARR Pattern (B. Biddles) Therefore, the expectations of the market still seem to be split between the bull and the bear. Reportedly, the volume of Bitcoin Futures on CME is considerable which will expire for the month on Friday, 26th April 2019. Hence, it might have a huge effect on the price as the shorts will probably close to a net loss.
Do you think the rally will continue or the bears are right? Please share your views with us.
Posted from Coin Inquire coininquire.com : https://coininquire.com/bitcoin-btc-pulled-back-to-the-no-trade-zone-or-resistance-zone/