{"id":377429,"date":"2019-04-06T19:30:42","date_gmt":"2019-04-06T19:30:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=377429"},"modified":"2024-06-11T07:38:55","modified_gmt":"2024-06-11T07:38:55","slug":"analyst-bitcoin-btc-may-be-stuck-in-accumulation-phase-for-several-more-months","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analyst-bitcoin-btc-may-be-stuck-in-accumulation-phase-for-several-more-months\/","title":{"rendered":"Analyst: Bitcoin (BTC) May Be Stuck in Accumulation Phase for Several More Months"},"content":{"rendered":"
As the crypto markets head into the weekend trading session, Bitcoin has been able to maintain its upwards momentum, and has been able to continue its upwards ascent. Although BTC\u2019s recent price action has been overwhelmingly positive as of late, it may still be caught in an accumulation phase.<\/p>\n
Assuming that Bitcoin\u2019s current accumulation range<\/a> reflects that seen following the 2015 bear market, BTC won\u2019t exit the range until mid-July, meaning that traders will have plenty of opportunities to add to their positions.<\/p>\n At the time of writing, Bitcoin is trading up over 2% at its current price of $5,120, up from its daily lows of just under $5,000. Today\u2019s upwards climb was sparked when BTC briefly dipped below $5,000 earlier today, signaling that this level has become a region of support.<\/p>\n Bitcoin\u2019s next level of resistance that traders should watch for exists at roughly $5,300, as this is where Bitcoin was swiftly rejected earlier this week when BTC surged to this price level from lows of $4,000.<\/p>\n Josh Rager, a popular cryptocurrency analyst on Twitter, recently noted that in the previous bear market, Bitcoin formed an accumulation pattern between its 100-day moving average and its 200-day moving average, which may prove to be a similar trading range for BTC in the near-future.<\/p>\n \u201c$BTC Accumulation W Chart. Previous bear market Bitcoin accumulated under the 100 MA & supported by the 200 MA. Similar accumulation could happen with 200 MA (wick below) with the next uptrend starting after breaking above 100 MA. One possible scenario to observe next few months,\u201d he explained.<\/p><\/blockquote>\n https:\/\/twitter.com\/josh_rager\/status\/07708928?s=21<\/p>\nBitcoin Stable Above $5,000, Continues to Climb<\/strong><\/h2>\n
Accumulation Range May Persist Until Mid-July of 2019<\/strong>\u00a0<\/strong><\/h2>\n