Bitcoin Price Skyrockets for $ 5000: End of Bear Market in sight?
Bitcoin 0 0 just blasted off to $ 5,100 with an impressive 17 percent gain. Will the largest digital asset continue to add up or surprise the world with the dreaded full retrace?
Bitcoin (BTC) broke the disadvantage of gusto when it blew well over the $ 4,200 resistance and reached a new annual high of $ 4,800 at the time of writing. As discussed yesterday, the largest digital asset was prepped for a strong and decisive move. While none other than Merlin possesses a crystal ball, a combination of several indicators suggested that the evidence had the upper hand. Bitcoin 0 0 set a new higher high when it overcame $ 4,198. The fact that BTC sat above 20MA by the narrowest Bollinger bands in 2019 also suggested that any high volume overvoltage converts to sharper than normal price action. Bitcoin posted its highest 24-hour volume since mid-February, and in light of the explosive nature of breakout, a five to eight percent retrace is not off the table. Without the disaster being full, we can expect Bitcoin to consolidate for a while – as the digital asset has to take over $ 5,700, followed by $ 6,500. Bitcoin now rests over 200-MA ($ 4,620), while the total crypto market race is now $ 160 billion. The weekly map game Bitcoin breaks its incremental weekly growth and adds the highest price increase since November 2018. At the time of writing, BTC received 16.25 percent in less than 30 minutes. This is a developing story that will be updated with more detailed analysis as the situation develops. [Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for analysis are provided by TradingView.] Trade Bitcoin, Litecoin and other cryptocurrencies on the online Bitcoin forex broker platform evolve.markets. Pictures Enjoying Shutterstock, Trading View. Market data obtained from Coinbase. 4-HR Chart
BTC Weekly Chart
