The cryptocurrency analyst said Wednesday that bitcoin was among the only crypto assets that managed to jump above a significant resistance level on monthly charts. In contrast, other top crypto assets including Litecoin, Ethereum, and EOS failed to close above a similar level in their respective markets, as shown below.
Bitcoin Price Closing Above a Key Resistive Junction | Source: Josh Rager, Twitter
Rager considered $4769.03 as a significant resistance level for bitcoin. The horizontal plane had capped an active upside attempt during the September 2017 trading session. As the price broke above that level, it ended up establishing its historical peak towards circa $20,000.
The April trading session saw the coin breaching above $4,769. The move led Rager to make a medium-term bull bias case for bitcoin, stating that if bitcoin stays above $4,769 , then its probability of hitting a fresh 2019 high above $6,000 will be higher.
“I would love to long/buy on a Bitcoin pullback at $4,339-4,769 zone. [The price] has room to push up over $6,383 on 1M Chart so no promises on a pullback at this moment.”
As for other altcoins, their April price action mirrored the moves made by bitcoin in the recent months. But almost all of them were looking at their uptrends undergoing a fresh downside correction.
$BTC vs Majors Month Chart
BTC looks stronger & closed above resistance while other alt majors hit resistance & pulled back
Would love to long/buy on a Bitcoin pullback at $4339 – $4769 zone
Bitcoin has room to push up over $6383+ on 1M Chart so no promises on pullback atm pic.twitter.com/X86vmIVDi4
— Josh Rager