Bitcoin (BTC) Value Appears to be like Primed For New 2019 Highs

Bitcoin worth accomplished its fifteenth week of 2019 in a single day and as soon as once more the bulls managed to print the next excessive on the candle shut we check out what this implies moving into to the week forward.

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Weekly Chart

Bitcoin worth 00 closed the week up at $5295, up a powerful 58% from the lows file in the course of the first week in February and 43% for the 12 months as an entire. As such, there may be little shock that buyers and speculators alike are beginning to concentrate to the crypto house one once more.

Including weight to the transfer in worth, BTC/USD has recorded ten of the fifteen weeks of the 12 months with inexperienced quantity candles and is now onto its eleventh larger excessive on the MACD. That is unprecedented, even for Bitcoin, and reveals the momentum in worth that the transfer has needed to date.

The MACD itself remains to be a way under the zero line however it’s on track to interrupt to the bullish aspect if Bitcoin can proceed the momentum this week.

For perspective the final time it broke to the bullish aspect was in October of 2016, when Bitcoin broke out of the earlier bear market, though there was a close to miss and shut name in 2015.

Bitcoin Value: 2015 vs 2019

When evaluating the earlier bear market backside and 2019, Bitcoin was held again by the 50 WMA and customarily talking, the entire backside cycle took longer in comparison with 2019 lows and present bear market cycle.

The distinction in 2019 is that Bitcoin seems rather a lot stronger in 2019 when it comes to quantity, which has supported the primary try to interrupt the 50 WMA.

The ultimate transfer out of the 2016 lows got here with a big spike in quantity, much like that seen on the second of April.

Due to this fact, though the 50 WMA has traditionally been a significant barrier, bitcoins present momentum may see it break this resistance upon first try following this sturdy interval of consolidation.

Quantity Profile

Trying on the quantity profile on the weekly chart, its clear that the value of bitcoin is consolidating inside the vary that beforehand noticed numerous quantity. The following excessive quantity of buying and selling ranges, in the meantime, are above at $6000.

It’s probably that this space will act as resistance initially if the bulls could make a brand new yearly excessive above $5467, which is actually in play at this stage.

The VPVR level of management is successfully on the April low, from which bitcoin broke out from. So if there was any form of breakdown, the $4000 degree, supported by the 200 WMA (now at $3500) ought to act as assist.

4-Hour Chart

Trying on the worth motion early on Monday morning, its clear to see that BTC worth has established a buying and selling vary between $5200 and $5350, with the bulls exhibiting energy already above $5300 being a really optimistic signal.

A transparent shut above $5350 can be a particularly bullish signal for the bulls, which might then look to consolidate earlier than urgent on to take out the annual highs which might be $100 above.

A fall under $5200 might open the door to a retest of the lows final week, which will surely be an indication of weak spot for the bulls. The stochastic RSI, nevertheless, is crossed bullish, which has led to larger costs in every of the earlier time of asking. So this might point out the bulls will probably try to interrupt out of the $5350 vary.

BTC Value Bulls Eyeing $6,000

In abstract, all indicators recommend that Bitcoin desires to proceed larger and all that’s required is extra of the identical shopping for stress over the following couple of weeks which might probably result in a retest of the previous assist at $6000. Failing that, the $4000 degree is now prone to act as sturdy assist whether it is examined.