Taking a look at the Bitcoin chart, we had the blowout date on April 2nd where the markets had massive buys on the open order books.
A good proven and time-tested sign that this is a time where OTC desks are going wild, and they’re filling major orders, so much that people are paying premiums to get their buy orders filled.
When looking at the order book, there is a lot more buyers and sellers at this time, as a lot of the OTC whales don’t feel like selling at these levels.
There is strong positive confidence in this breakout within the community. The massive surge saw on April 2nd, and 3rd have seen the continuation of relatively high volume compared to previous trading days at a higher price range; there is a strong sentiment among crypto enthusiast that Bitcoin will reach $6K, potentially over the next week or so.
Will Bitcoin break the 6K levels, it’s tough to say, but the chances are extremely doubtful.
In trading there is a well-known saying of previous resistance tends to become new support when it comes to uptrends, and it turns to be that previous support becomes new resistance for price action.
Bitcoin was holding firm on $6K for almost a year and has breached that as of November 2018. If the price can reach the $6K levels, there is likely high chance of a deep correction, as some people are going to speculating trying to play the breakout here.
This could then lead to confidence for the summer of 2019; the growth in price to $6K, followed by a rejection lower. However, the price should set higher lows as we have done in the uptrend so far.
The bottom should be confirmed around $4K and should then set up the markets for a continued breakout going into the rest of 2019.
DISCLAIMER: This should not be taken as financial advice and all individual decisions should be carries out with in-depth and reliable research.
