Upon reaching $5,240 mark, Bitcoin has ceased its overwhelming growth, which made some traders a little bit skeptic. Just one short pause and people start foretelling BTC dumps. What to believe? We know that Bitcoin price predictions cannot be trusted unquestionably. However, many appear to have a grain of truth about them. Let’s check out Twitter posts to see what the crypto community thinks about Bitcoin’s short-term future.
Let’s start with good news first: Bitcoin futures are also selling well – the volume is growing, which only lays stronger foundation for Bitcoin’s prosperity:
One more piece of proof that Bitcoin is growing naturally and steadily:
✅ #Bitcoin transactions have constantly increased from mid 2018 (+160K tx/day) to nowadays (+370K tx/day), more than doubling in numbers.— Kwontik (@Kwontik) April 9, 2019
✅ We are getting closer to the daily record of 490K tx/day, set on Dec 14, 2017, but in a healthy way this time (steady growth over time). pic.twitter.com/HfJ6Bl381u
That means that unlike Ethereum, Bitcoin is gaining value that’s backed by its market cap and financial activity around. A very good sign!
Will BTC break the $5,300 resistance?
At the moment, Bitcoin has stopped its incredible growth for a while, but traders are sure that it’s simply the calm before the storm.
Based on the RSI index, there’s a very bright future ahead:
Bitcoin / Dollar ST: the RSI is overbought pic.twitter.com/gaahcCR7NU— TradeFred (@TradeFredEU) April 10, 2019
Other technical indicators are also helping to form Bitcoin’s future breakout. We’re anticipating EMA & VWAP cross:
Just another example of why we preach/teach to anticipate when the #VWAP & #EMA cross. When these #Indicators cross, substantial movement is prone to occur. #Bitcoin #BTC is currently forming a foundation ?? pic.twitter.com/p3oETsjbMD— LoneWolf (@LWDayTrading) April 10, 2019
If we manage to break $5,2600 resistance, something very epic should happen to BTC:
But what if..?
At the same time, 1D analysis shows that there’s a possibility for BTC to touch the $4,800 level or lower:
According to 1W analysis, a fall is also expected, though it won’t be lower than $5,000:
$BTC #Bitcoin Update (H1)— justfive (@crymeaCOIN) April 9, 2019
Diags broken (fit nicely on 6H+1H), but immediate support still intact.
Even though red is further down, losing the W1 open is my actionable sign of no bueno given the way price has respected that lvl.
Liqs should come in when we drop below ~5135 pic.twitter.com/embc5uC5NE
Yet, even if BTC gets back to $4,800 (it’s a very likely scenario, though we can still avoid it), that will be a temporary occasion.
$BTC Simplified— Mr. Anderson (@TrueCrypto28) April 9, 2019
Bitcoin finds itself in yet another (smaller scale) rising channel within an Ascending Triangle
In trading, we must have a series of plans in place so that we can simply execute them when clarity comes pic.twitter.com/VCEP1fuSBq
Even though Bitcoin seems to be a little bit stuck at the very moment, there’s no reason to worry. All technical indicators and its current trading volume are signifying further growth. It’s just a short pause before we witness the next glorious moves of the most famous cryptocurrency.