(BTC/USD) Bitcoin Price Prediction: Bullish Drums Fell Silent or a Pause Before the Storm

Price Predictions
Tue, 04/09/2019 - 07:05
Alex Dovbnya
🏎️BTC’s rate remains at a standstill. Next movement: up or down?
Cover image via U.Today

Despite the sales on Monday morning, the price of Bitcoin was able to hold above $5,100.

Holding the position of this level at the beginning of the week will be the key to the continuing bullish momentum.

Although this seems unlikely at this stage, a breakthrough upwards can lead to the fact that the BTC will quickly move to the price range from $5,500 to $5,700, enticing new buyers to the market.

The MACD keeps rising above zero, but there are signs of a bullish decline, with a lower maximum printed on the bar chart. The volume begins to return to the levels visible before the breakthrough. A price increase with a decrease in volume is usually considered a bearish symptom.

Reducing the price impulse will lead to the fact that those who have already made a profit will return to the market with new potential buyers, so it would be reasonable to expect a fairly quick rebound to the level of $5,000.

The price of Bitcoin is trading at $5,226.18 at the time of the writing.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy