Potential Pullback Looms As Bitcoin Approaches Major Resistance Above $5,500

The arguments for a big market correction are gaining strength. As Bitcoin approaches another heavy resistance barrier buying pressure is likely to diminish as previous charts have shown. If and how far it will fall remains the big question this week.

Bitcoin Approaching 50 Week MA

When Bitcoin broke through the 200 day moving average there was a lot of optimism for a move up towards $6,000. However another big barrier stands in its way in the form of the 50 week moving average which is aligned with further horizontal resistance.

According to trader and analyst Josh Rager this could create a pivotal point for Bitcoin which has previously been held down by this technical indicator;

Read Full Story : NewsBTC

2019-04-09 08:30:43

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