Bitcoin Price Breaks Resistance at $5,350, Bullish Rally Continues Above $5,400

Tony "The Bull" Severino

6 years ago

3 mins read

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Over the last two months, bulls have regained control of the crypto market after a potential bottom was put in back in December 2018. Since the start of the climb, bulls have managed to take out important resistance at $4,200, causing Bitcoin price to rally upwards of $1,000 in a matter of an hour or so.

Despite the leading crypto by market cap experiencing the most overbought levels since its previous all-time high, Bitcoin continues to climb, breaking through resistance at $5,350, and is currently flirting with resistance between $5,400 and $5,500. As signs that a bull market may be returning, there are some important price levels to watch in the coming days.

Bitcoin Price Rally Continues Above $5,350, Here Are Key Levels to Watch

Following a massive rally that got the entire financial sector talking, Bitcoin price took a quick pit stop between $4,800 and $5,200 where it consolidated and got its footing before preparing for another move up. Bears did their best to cut Bitcoin’s rally down, but failed to apply any significant sell pressure.

Today, bulls were able to beat out bears by smashing through resistance at $5,350, which had held Bitcoin and the rest of the crypto market back from continuing its path toward renewed growth.

For bulls, the next levels of resistance are at $5,500, and again at $5,800. $5,800 is an area of support turned resistance, formerly providing a strong bounce in both February and June 2018. Because there was a decent amount of price action in this area, it’ll be a tough resistance for bulls to break.

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But resistance at $6,000 is where bulls and bears will have a massive showdown, with the winner potentially setting the trend for the coming weeks to potentially years. Should bulls take out $6,000 with gusto, the bear market may be considered over, and a bullish trend could resume. It’s expected, however, for bulls to struggle with the extremely powerful resistance, much as bears struggled to take the price of Bitcoin down through $6,000 when it previously acted as seemingly unbreakable support throughout 2018.

Battered Bears Ready the Defensive, Risk of Trend Reversal Below

On the downside, bears are targeting $4,800 to take Bitcoin price back to a neutral position. A reversal here down to the previous resistance now turned support at $4,200 could put Bitcoin at risk of testing new lows, as it would deal a severe blow to the newly established confidence that bulls are feeling in recent weeks.

The next days are critical for Bitcoin, as the market attempt to revert into a bull run, after over 16 months of bear market and continued downtrend.

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Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.