Bitcoin (BTC) has been a slow recovery since mid -March. The moves to the upward trend are limited, and at the present time, it includes multiple attempts to violate local resistance levels before a decisive break in the end.
The leading cryptocurrency, which was trading at 86,470 dollars at the time of the press, decreased by 9.74 % since the beginning of the year.
Prices wore the resistance between 88,470 dollars and 88,200 dollars three times last week, while a level of support was created in the range of $ 86.220 to 86,460 dollars.
Despite the transverse rise in short situations, the data indicates that the long -term BTC holders, who have greatly reduced their qualifiers since the beginning of the year, maintain a strong thunderbolt look.
However, in general, the feelings surrounding the BTC prospects are still mixed. A closer look at Bitcoin rainbow graph Additional visions can reveal.
Bitcoin rainbow scheme analysis
The Bitcoin rainbow scheme is a visible tool that benefits from the logarithmic growth curve over the procedures for describing investor morale. It is divided into nine areas coded in colors, each of which corresponds to the scope of a specific price at any specific time.
These Bitcoin coded areas at the low end ranges to the “maximum bubble area”.
Nowadays, prices are at the end of the fourth area of the bottom, in the “still cheap” area. The step of more than $ 92,411 will put the cryptocurrency in “Hodl!” region.
So, what can the colored logarithmatic growth curves tell us Bitcoin? In order for BTC to stay in the “still cheap” area on April 30, it will have to trade in a range between 73358 dollars to 95164 dollars. These two numbers are compatible with the negative side by 15.16 % and 10.05 % bullishly, respectively.
If the feelings turn up more up, you may find the cryptocurrency itself in “Hodl!” The region – which equals 95,164 dollars to 125174 dollars at the end of April.
In contrast, if the price of digital assets decreases to less than 73,358 dollars by that stage, it will appear more attractive for investors looking to move forward.
What is the most likely result? Since the beginning of the year, BTC was either in “still cheap” or “hodl” areas. In addition, each of the collapse above the local resistance and the re -test of the highly high asset price (ATH) of $ 108,000 will put it firmly within “Hodl!” region. Therefore, it seems that the range of $ 95,164 to $ 125174 is the most realistic expectations on April 30.
Distinctive image via Shutterstock
