Ever since Bitcoin (BTC) tested the $5,400 resistance level, the bear has taken its price down, and the 30 days market chart revealed that BTC has been stalemating between a band price of $5,100 and $5,300 with no sign of a breakout.
Investors and market experts, nevertheless, have been at vigil for a caption of mechanical trend that would bring gestures of crypto bull above the historical resistance.
However, Bitcoin and some other altcoins in the market have been painted green and the entire market cap of over 2,000 coins has risen to $179 billion. Bitcoin seems to be looking for a golden cross after testing the $5,300 level for the first since April 11.
There are great signs that Bitcoin will maintain a rally above the $5,300 resistance level this week.
Known as Proof Of Research/CryptoMedication, James Edwards, affirmed that if Bitcoin is able to stay above the mechanical $5,200 support level this week, it would be huge for the coin.
The long-term moving average of Bitcoin is crossing under the short-term moving average, thus making the 24H chart signal a “golden cross” for BTC.
The EMA50, on the daily resolution, is greater than the EMA200.
While the last Golden Cross which took place in October 2015 pushed the value of Bitcoin by 6787%, Edward believes that the bottom has yet happened as the bear continues to lose its strength and the bull gears up for a rerun. He remains bullish that the Bitcoin will soon witness Golden Cross.
Isn't the time we had an instant wick up to under 200$? 180$ more exactly?
— SpiryɃTC #DelistTether #NeverTrustCZ (@SpiryBTC) April 21, 2019
Bullish Pennant On The Making
In light of the latest market green, analysts have begun to rally round a bullish forecast for Bitcoin and the entire market.
Similarly, a popular crypto analyst, trader and investor, Crypto Rand, has emphasized on the bullish possibility of the market.
While Bitcoin maintains its ground above the $5,200 support level, Rand posited that Bitcoin is aiming for a solid traction above its present resistance level, as a bullish pennant is being cooked.
The crypto analysts added that if the coin is able to ride on the bull in the next few days, the $6,000 region would be the next possible target for the coin.
— Crypto Rand (@crypto_rand) April 22, 2019