Bitcoin is once again beginning to creep towards its strong resistance level at $4,000 following a relatively involatile trading session over the past couple of days. Although BTC has seen some incredibly bullish momentum over the past few weeks and has firmly established the low-$3,000 region as a strong level of support, its upwards ascent stalled once it was rejected at $4,000.<\/p>\n
Now, one analyst claims that breaking decisively above $4,000 in the near-future is critical for Bitcoin<\/a>, as doing so would break the \u201clower high bounce\u201d trend that BTC has experienced consistently since reaching $20,000 in late-2017.<\/p>\n At the time of writing, Bitcoin<\/a> is trading up approximately 1% at its current price of $3,985. Ever since BTC surged to its current price levels from weekly lows of $3,600, it has been pushed down each time it touches $4,000, which signals that a large amount of selling pressure exists at this price level.<\/p>\n It is currently unclear as to whether or not Bitcoin\u2019s bulls will be able to garner enough buying pressure to break through this level, but a failure to do so in the near-future may lead to a large drop.<\/p>\n Chonis Trading, a popular cryptocurrency trader on Twitter, spoke about the importance of breaking above $4,000 in a recent tweet, explaining to his followers that every oversold BTC bounce has been followed by lower highs, but a break above $4k would break this persisting trend.<\/p>\n \u201c$BTC – Since Bitcoin $20k every oversold bounce (1) has been followed up by a lower high bounce (2) that gets rejected right around the .55fib extension of the previous bullish impulsive move. Breaking this trend has #bitcoin closing over $4k otherwise another strong rejection…\u201d<\/p><\/blockquote>\n $BTC<\/a> – Since Bitcoin $20k every oversold bounce (1) has been followed up by a lower high bounce (2) that gets rejected right around the .55fib extension of the previous bullish impulsive move. Breaking this trend has #bitcoin<\/a> closing over $4k otherwise another strong rejection… pic.twitter.com\/9agBo9rxxN<\/a><\/p>\n — BIG Chonis (@BigChonis) February 22, 2019<\/a><\/p><\/blockquote>\nBitcoin Climbs Slightly, But BTC Faces Strong Resistance at $4,000<\/strong><\/h2>\n
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