The bulls are back in town after Bitcoin increases by over 22% to top over $ 5000 in just 30 minutes. The market has pulled back a bit, but this is undoubtedly a fantastic catalyst for seeing Bitcoin climb higher again.
Over the last few days, we had signs that Bitcoin was ready to pop after Bitcoin climbed over 100 days of moving averages and market breaks over a long-term trend line.
Bitcoin has now seen a price increase of a total of 17% over the last 7 trading days. The 71-month-old project now has a market value of $ 81.88.
BTC / USD – 1 DAYBOARD – SHORT TERM
What has gone on?
Bitcoin had fought with 100 day moving averages in March 2019. Cryptocurrency had managed to exceed the 100 day moving average Towards the end of the month creating the first bullish signal Pause over 100 days moving average was the first time Bitcoin was able to do this since September 2018.
The next bullish signal came when Bitcoin managed to break over a long-term downward trend line that has been in games for over 11 months.
We can see that the price increase had led Bitcoin to rally from a low around $ 4,200 to reach high over $ 5,000 around $ 5,121. time is about $ 4,683.
What is d a current short-term trend?
The current short-term trend for Bitcoin is absolutely bullish.
Where is the market likely to lead next?
We can see that after nailing higher, the market pulled back a little. It is now over a short term of the 1,272 Fibonacci Extension level of $ 4,558. Forward Movement, if the bulls can keep the pressure and make Bitcoin rise higher again, is the first short-term resistance 1,618 FIbonacci Extension level of $ 4733 This is closely followed by more long-term bearish resistance .5 FIbonacci retracement level priced at $ 4848. This bearish Fibonacci Retracement level is measured from November 2018 high to low December 2018.
Over $ 4848 is the next level of resistance placed at the $ 5000 level. This is then followed with resistance higher on the bearish .618 FIbonacci retracement level priced at $ 5,247.
What if the sellers go back in?
Alternatively, if the sellers group themselves and start pushing the market back down, we can expect immediate support below on the .382 FIbonacci Retracement level priced at $ 4449. Below this, we can expect the support to be $ 4205 and $ 4000. .
What are the technical indicators that show?
RSI has now risen to overbought conditions that could potentially signal that the market is too far overextended. As long as the RSI can remain over 50 on the pullback, we can assume that the bulls will remain responsible for the market.
The recent rise in prices may have come as a shock to many. However, the market has shown signs that it has been ready to move for a while now. The most notable signals came from pause over the long-term trend line and pause over 100-day moving averages.
If the bulls can keep up the pressure, we can expect Bitcoin to climb back over $ 5000 and remain there within the next few days.