Bitcoin [BTC] has been riding a bull wave over the past week, breaching major resistances and the $5,000 mark for the first time in four months. Mati Greenspan, senior market analyst at eToro, is in the news after he suggested that the resistance at $5,350 had to be shattered to see buying pressure move.
Greenspan further added that if this level is broken, it will be a “confirmation” of the market pushing higher and buying pressure rising. His tweet stated,
“All eyes on Bitcoin and the new resistance level of $5,350.
A break of this would likely serve as confirmation that we’re pushing higher and lead to further buying pressure.
(Past performance is not an indication of future results. This is not trading advice.)”
Given Greenspan’s prediction that the buying pressure will skyrocket once the $5,350 level is breached, the coin’s RSI is worth noting. At press time, the RSI stood at 80.71, well over the ‘overbought’ level. Since the close of March, the RSI has shot up by over 65 percent, reaching a high of 88.11 on 8 April, before beginning to descend.
A day prior to the April Fools’ Day rally, Greenspan had stated that the resistance level of $4,200 and the 200 day EMA, then at $4,620, needed to be broken for Bitcoin to consolidate at a high price. Within hours of the price surge, the top crypto not only broke the aforementioned level, but also climbed above $5,000.
While market correction brought down the prices of top coins like Litecoin [LTC], Cardano [ADA], and Bitcoin Cash [BCH], Bitcoin wasn’t pulled down. The king coin even managed to add $200 by the end of the previous week and was trading under $5,200, at press time.
The eToro analyst also stated that Bitcoin will reach its first “wall” when the coin reaches $7,000. Using the Fibonacci retracement tool drawn from BTC’s December 2017 high to its December 2018 low, the first Fib level was placed at around $7,000. Greenspan added, “we can see that this leg could easily take us up to $7,000.”
Further, Greenspan opined about the origin of the BTC pump. In an 1 April tweet, he suggested that the pump found its source in the East Asian markets of Japan or South Korea. Given the trade timings of the west and the east, traders in New York were “asleep,” and those in Europe were “just opening their eyes.”
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