There seems to be a thin line between the rise and fall of Bitcoin (BTC) price in the market owing to its volatility. Most analysts were joyful in the past few days due to the solid support Bitcoin is maintaining around the $4,000 mark. However, another analyst, Amarok, a crypto-centric chartist, issued out his sentiment on twitter that Bitcoin is only buoying the $4,000 support irresolutely.
Discussing further, Amarok aligned with the senior market analyst at eToro, Mati Greenspan. Amarok said ‘the past does not predict the future’ as he criticized the short-term positive rally as a feeble evidence to proclaim a log-term bullish run for Bitcoin.
Standing at the midsection, another renounced analyst, Krillin, said “The moment of truth for Bitcoin is very near.” Bitcoin seems to be at a critical confluence center with the possibility of either downward trend or upward trend.
As predicted by Galaxy, Krillin said Bitcoin could rally up to $5,500 per unit if a breakout is experienced, or in the worst case scenario, Bitcoin will have to move to the ever red $3,000 price.
"Confluence"
The moment of truth for Bitcoin is very near.
We fly straight through the cloud to 5500, or we visit 3000. I'm leaning bullish. pic.twitter.com/15a9QWXpKK— Crypto Krillin ॐ (@LSDinmycoffee) March 23, 2019
Bitcoin (BTC) Might Trade Near Trades Fibonacci at $3,640
At the boom time last weekend, Bitcoin was trading around the $3,564 to $4,241 Fibonacci range. However, due to the failure of the coin to break even above the 0.786 Fibonacci ($4,096) before hiccupping for another slight decline, analysts believe Bitcoin might move down near 0.0 Fibonacci at $3,640 to trade below the critical $3,900 support level.
Looking at the 4H chart of Bitcoin one could say that Bitcoin might be opting for another bearish move as the crypto coin gets flagged with the red color in the last 24 hours of the market. Up till the moment, there is no strong signal that Bitcoin will break above the $4,100 resistance level.
Another Interesting Fractal for Bitcoin (BTC)?
Owing to the uncertainty to break even to the $5,500 mark price, Amarok again took to his twitter page to say that Bitcoin might be in for another interesting fractal. Interesting indeed?
Looking at the chart displayed by Amarok in the update, it seems the analyst is predicting a down fractal for Bitcoin. This tallies with his previous assertion that Bitcoin short-term positive rally is irresolute.
