With Bitcoin value having made such spectacular positive factors up to now in 2019, let’s have a look to see what’s more likely to occur subsequent. 

Bitcoin Value: Weekly Chart

Bitcoin value 00 closed the week at $5162 having established new 2019 highs at $5478. This marked the top of a seventh consecutive inexperienced candle win streak, closing out on a spinning prime doji – an indecision candle.

The weekly chart reveals that the value of bitcoin is presently being held down by the declining 50 week transferring common. Apparently, that is precisely what additionally occurred through the finish of the 2015 bear market.

Regardless of the weekly inexperienced candle streak failing, the MACD histogram has accomplished its tenth weekly greater excessive, illustrating the power of the emergin bullish development inside this bear market. The MACD line itself is now additionally threatening to interrupt above its zero line, which is could be for the primary time since October 2015.

The On steadiness quantity indicator, which plots a mixed cumulative quantity and value path, additionally reveals a robust get away of the downward development and confirms the 2019 development is supported by robust shopping for curiosity within the $3000 value vary.

2015 vs. 2019 Bitcoin Value

Wanting again on the 2019 and 2015 bitcoin value charts, it clearly emphasises that the situation may be very comparable – the 200 WMA has acted as help and following a robust get away to the upside, the 50 WMA has instantly acted as a roadblock.

It will subsequently appear seemingly that BTC/USD might want to not less than backtest the $4100 breakout stage, if not the quickly rising 200 WMA, which is now north of $3500.

Nonetheless, the principle distinction between 2015 and 2019 is that there was a big break within the quantity development to the upside as talked about earlier, which didn’t come till later within the 2015 bear market.

Combining this with the truth that altcoins resembling Litecoin (LTC) seem like correcting faster than final time, might counsel {that a} backtest for Bitcoin might change into a short occasion if it happens in any respect.

4-Hour Chart

The 4-hour bitcoin value chart paints an image of indecisiveness. Usually talking bitcoin value continues to construct upward momentum after discovering help over the weekend on the $5,000 stage.

This would be the key stage to defend early in initially of this week. Ought to the $5k stage maintain, and BTC can progress in direction of $5250 and $5300, there’s a affordable likelihood that it’ll press on in direction of $5900, with the present value motion being a considerably messy ascending triangle.

If the shopping for strain within the decrease $5ks can’t be maintained, BTC doesn’t have an enormous quantity of buying and selling historical past within the $4000s, which may imply that we see bitcoin shortly break down from a head and shoulders prime. On this situation, $4000-$4500 would more likely to be the subsequent cease.

Golden Cross in Sight

Bitcoin value continues to indicate power on greater timeframes and is on the right track to make a golden cross on the 50-200 day transferring common, earlier than the top of April.

With robust shopping for quantity witnessed within the break from the $3,000s, it might be affordable to imagine that any correction again to the $4,000s might be brief lived and a close to time period shut throughout $5350 on the each day chart might suggest {that a} take a look at of the $6,000 deal with might be within the playing cards earlier than the top of Q2 2019, if not the top of April.

Commerce Bitcoin (BTC), Litecoin (LTC) and different cryptocurrencies on on-line Bitcoin foreign exchange dealer platform evolve.markets. 

To get obtain updates for the author you’ll be able to comply with on Twitter (@filbfilb) and TradingView.

The views and opinions of the author shouldn’t be misconstrued as monetary recommendation.  For disclosure, the author holds Bitcoin on the time of writing.

Photographs courtesy of Shutterstock, Tradingview.com

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