Important signals are predicting a bear run for Bitcoin price in the short term. Although BTC has been in a bullish momentum the whole month but bitcoin price is not being able to break above the major resistance around the 50 weekly moving average and might crash hard in the short term as being predicted by major bitcoin price analysts.
Resistance around the 50 weekly moving average:
Bitcoin is currently trading below $5200 since the Tether and Bitfinex news flashed all over the crypto space last week. Bitcoin price had earlier hit the yearly high around $5650 this month before crashing back downwards just a few days back.
The current trading price lies around the 50 weekly moving average and the long term price analysis clearly indicates that the major resistance formed around this range might push the price back downwards.
$BTC Weekly Chart (GDAX exchange).
The no indicator chart. Doesn’t take rocket science to figure out where resistance is.#BTC pic.twitter.com/CQ9TQfw5rf
— CryptoFibonacci (@CryptoFib) April 30, 2019
The indicator has been serving as resistance during last year mid and has remained over the bitcoin price levels during the whole bearish trend. If Bitcoin is able to break above this range, there are high chances of sudden price surge, however, most of the analysts are predicting that bitcoin is going to crash downwards before it can start a bull run again.
