Bitcoin forecast: The recovery is not over yet

Since the strong recovery to $ 7,800 Bitcoin has been taking a break and went back up to the time of writing on 7.490 Dollar, as the bears tried to take control again. A prominent crypto-Trader has indicated that Bitcoin was ready to have a “bullish continuation”, and a decisive, but a simple technical factor cited.

Bitcoin exchange rate prepares to rise even higher

The reversal was for residues of the daily maximum, to put it mildly, not nice. Although the liquidations have been minimal, has convinced the decline from the $7.800-High-many believe that the recent rise of Bitcoin was only a Fake, a false rally, which will probably end in tears for bulls.
According to crypto-Trader Josh Rager the fact that the cryptocurrency was able to select a Daily close above $7.400, however, is a likely sign that in the coming days, a “bullish continuation” of the uptrend will take place.

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The call for more upside potential has been taken up by other analysts.
To Nunya Bizniz recently shared the diagram below, which shows that the price action of Bitcoin from the February highs has formed until now a “classic BARR-soil”. It predicts that Bitcoin until the beginning of may, when the halving will take place, will be back in action in the vicinity at $10.500. This would mean that the crypto-currency would have to rise in the next two weeks to almost 40 %.

A particularly notable feature of this pattern is that it is the same technical Formation that has marked the end of 2018 and early 2019, the Bitcoin floor.

Caution, there is but also against the wind

Even though Rager and other analysts are convinced that more upside potential is imminent, it’s not a long time in dry towels. A pseudonymous crypto-dealer identified at the beginning of this month that there is a massive confluence of resistance. He described the 7.900-8.100 Dollar Zone explicitly as a “very interesting” and drew attention to the collection of important technical levels, suggesting that this is a place the cops will probably have to fight.

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To price the most important levels in this Zone, the exponential moving 200 day average and the simple moving average, of the identified exponential moving at the end of 21-week average, a order book resistance (as well as of Rager), the 61.8% Fibonacci recirculation, the tip of a descending triangle, and the volume-weighted average, among other things:.
Not to mention the fact, that Rager has said it himself: Bitcoin is facing a major resistance at $7.700.
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