On April 1, the BTC price initiated a rapid upward movement. The price increased by 9% in a little more than four hours, reaching a high of $6,744. It has decreased slightly since, creating the short-term range that it is currently trading in.
After failing to move above the newly-created resistance line, the price has decreased towards support. Well-known trader @George1Trader outlined a Bitcoin chart showing a BTC price movement that suggests the price will go higher towards the resistance at $6,800. Prior to doing so, he believes a sweep of the lows near $6,500 is in the cards.
$BTC
— George (@George1Trader) April 2, 2020
Morning!
Preferring longs up here… Sweep of the lows is a long towards range high imo. Clean smash back below green and I'd be looking for shorts again. pic.twitter.com/w8HgRIe71L
Short-Term Range
In the short-term, it is possible to outline a range between $6,685 and $6,545. Yesterday’s rally caused the price to break out above the resistance of the range in the form of a very long upper-wick. However, the price decreased back below the range in quick fashion and created the current support line. The proposed movement in the tweet would have the price decreasing below this support line, before moving right back inside this range. This is a movement that would make sense since the same thing transpired in relation to the resistance line.
A Bigger Range
However, the ensuing move to $6,800 is not a foregone conclusion. Depending on how the price reacts to a forthcoming decrease, it could continue moving downwards. We can see that the price is trading inside a longer-term range between $5,850 and $6,600. In this context, the price has just moved above its range highs.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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