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Home Cryptocurrency news

Bitcoin Must Clear Multiple Resistance Levels Before It’s Out of The Woods

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin crypto analst
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The leading crypto asset by market, Bitcoin, may have taken the first major step in staging a short-term reversal yesterday, after a successful $1,000 push from bulls put a stop to the continued downtrend.

However, according to a prominent cryptocurrency analyst, Bitcoin is not yet “out of the woods” and must first clear five additional levels of key resistance before there’s any chance of continuation and further reversal.

Bitcoin Price Must Breach Five Resistance Levels Before Rally Becomes Reversal

Yesterday morning, Bitcoin plunged to $6,450 in a sweep of local lows, then over the next few hours made a powerful rebound all the way to $7,400 before cooling off and experiencing a minor pullback to $7,050. The $1,000 positive gain turned even the most bearish investors suddenly bullish, but a well-known trader and crypto analyst says that bulls shouldn’t be celebrating at all just yet.

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Related Reading | Bitcoin Surges to $7,200 By 11% In Massive 1 Day Reversal, As Traders Consider Bottom

Crypto analyst FilbFilb claims that Bitcoin price action is not yet “out of the woods” and must first reclaim five important levels of overhead resistance before bulls can realistically breathe a sigh of relief that the downtrend may be finished.

Nice $btc pump yesterday but PA is miles from out of the woods. Lets talk bull when these have been cleared:

– POC Resistane
– Diag Resistance
– Multi Week Resistance
– Monthly Open Resistance
– Weekly Open Resistance pic.twitter.com/7JgS3M9xw2

— f i l ₿ f i l ₿ (@filbfilb) December 19, 2019

The critical resistance levels include point-of control resistance, located at $7,200, which BTC is currently below; weekly open resistance, which it’s struggling to stay above currently; multi-week and monthly open resistance, residing at around $7,600; and diagonal resistance forming a trendline strung across the crypto asset’s most recent local tops.

How Bitcoin price reacts with these levels will be telling as to if the cryptocurrency is staging a reversal here, or if it’s yet another short-lived rally before more downside.

If Resistance Is Cleared, Where Will the Crypto Asset Go Next?

If Bitcoin can clear these important resistance levels, the first-ever cryptocurrency should then move on to target $8,000 and above. If Bitcoin can reclaim these levels and hold them on the weekly and monthly price charts, the downtrend could indeed be over, and Bitcoin could return to the bull market most believed it had been ramping up into.

However, if Bitcoin price cannot breach these resistance levels, the recent pump could be yet another bearish retest, putting the crypto asset is at risk of falling deeper into the downtrend and setting a new local low. As of now, Bitcoin’s bear market low rests at $3,100, and the most recent local low sits at $6,450.

Related Reading | Goldbug Peter Schiff Calls For Bitcoin To Close 2019 at A Loss 

Any break below $6,450 will put lows in the $5,000 and $4,000 range on the table, and if those levels fail, Bitcoin’s current bear market bottom may not hold a second time, causing the entire crypto market to collapse and the first true bear market to begin.

Tags: bitcoincryptofilbfilbresistance
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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