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Bitcoin has been quite boring in the past few days as it has remained in a neutral state after some periods of bullish expansion. However, a Twitter crypto strategist, Credible, explained that this boredom is needed for a massive expansion to the upside. Credible is a renowned financial market analyst who excels in the use of the Elliott Wave theory.
According to him, the market is meant to be boring, as it is the required process for an impending rally. Credible further inferred that a new all-time high is about to be created. While the market is currently consolidating, Credible boosted the confidence of investors as he inferred that Bitcoin is now in the early stages of a bull run.
Key Bitcoin Levels To Watch – April 9
While the price of bitcoin keeps consolidating, the diagonal support is yet to be invalidated as it keeps holding price. However, the selling pressure at the $29190.00 resistance is likely to cause a massive breakout from the diagonal support to the downside.
As of now, the market’s trading range lies between the $29190.00 resistance and the $19570.00 support. According to the Relative Strength Index (RSI), the price is leaving the oversold state; therefore, a retracement is likely possible.
Bitcoin Key Levels
Resistance Levels: $34322.0, $32384.0, $29190.0
Support Levels: $25215.0, $21478.0, $19570.0
Total Market Capitalization: $1.17B
Bitcoin Market Capitalization: $540.26B
Bitcoin Volume: $10.12B
Market Rank: #1
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