Home Bitcoin Bitcoin Price Analysis: Curb Your Enthusiasm!

Bitcoin Price Analysis: Curb Your Enthusiasm!

4 min read

Bulls made a shocking transfer however the observe via was lower than passable. Will Bitcoin value maintain above $4,000?

Bitcoin Price: Market Overview

At final, the bulls made a strong move however it isn’t as convincing because it might be. Regardless of what a weekly and month-to-month chart present, bullish analysts had been clearly excited by this upside transfer and the press is sizzling with tales about pattern reversals and a bullish begin to 2019.  

4-Hour Chart

As the 4-hour chart reveals, a break above the psychological resistance at $4,000 happened however a extra convincing transfer could be to see observe via or consolidation that results in a transfer above $4,240 over the subsequent 48-hours.

Failure to interrupt above this degree needs to be a degree of concern and despite all of the bullish, ‘trend reversal’ speak and normal funding optimism that comes with the arrival or a brand new yr. Traders ought to stay sensible and recall {that a} fowl’s eye view of the weekly and month-to-month chart for BTC/USD and almost each different cryptocurrency reveals the market nonetheless within the agency grasp of bears.

At the time of writing bitcoin value 00 seems to be discovering help at $3,990, after visiting this area thrice. A pointy bear cross between the 5 and 10-MA could be clearly considered and for the short-term Bitcoin wants to realize above $4,030 to keep up bullish momentum.

Traders would do nicely to maintain to the fundamentals and reference the 5, 10, 20 and 50 shifting averages, RSI, Stoch, MACD, heck, even the Bollinger Band indicator to substantiate any bullish setups earlier than participating with bitcoin, and naturally, use a cease loss. Bitcoin remains to be extra unpredictable than undetonated ordinance from WWII so swimming bare and over-exuberant buying and selling isn’t suggested.

To finish issues on a optimistic word (not less than for bulls), the BTC/USD Shorts chart reveals a substantial discount in shorts so a number of the overhead stress has been eliminated for the subsequent try Bitcoin makes at $4,100.

BTC-USD Shorts

In the occasion that Bitcoin value is ready to overtake $4,088 and $4,241, $4,415 could be the subsequent essential resistance degree to sort out. As talked about earlier, merchants ought to stay cautious and curb their enthusiasm as any Bitcoin value underneath $6,500 is only a decrease excessive, so there’s nonetheless loads of work to do.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Coinbase and Bitfinex. The charts for analysis are provided by TradingView.]

Where do you assume Bitcoin value will go? Share your ideas within the feedback beneath!

Images courtesy of Shutterstock, Trading View. Market knowledge sourced from Coinbase, Bitfinex

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