Home Bitcoin Incoming Golden Cross Could Push Bitcoin Price Over $6,000

Incoming Golden Cross Could Push Bitcoin Price Over $6,000

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With Bitcoin value having made such impressive gains to date in 2019, let’s have a look to see what’s more likely to occur subsequent. 


Bitcoin Price: 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 high doji – an indecision candle.

The weekly chart exhibits that the value of bitcoin is presently being held down by the declining 50 week shifting common. Interestingly, that is precisely what additionally occurred in the course of the finish of the 2015 bear market.

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

The On stability quantity indicator, which plots a mixed cumulative quantity and value path, additionally exhibits a robust escape of the downward pattern and confirms the 2019 pattern is supported by robust shopping for curiosity within the $3000 value vary.

2015 vs. 2019 Bitcoin Price

Looking again on the 2019 and 2015 bitcoin value charts, it clearly emphasises that the state of affairs may be very related – the 200 WMA has acted as assist and following a robust escape to the upside, the 50 WMA has instantly acted as a roadblock.

It would subsequently appear doubtless that BTC/USD might want to at the very least backtest the $4100 breakout stage, if not the quickly rising 200 WMA, which is now north of $3500.

However, the primary distinction between 2015 and 2019 is that there was a big break within the quantity pattern 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) look like correcting faster than final time, might counsel {that a} backtest for Bitcoin might develop into a short occasion if it happens in any respect.

4-Hour Chart

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

This would be the key stage to defend early in firstly of this week. Should the $5k stage maintain, and BTC can progress in direction of $5250 and $5300, there’s a affordable probability that it’s going to 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 high. In this state of affairs, $4000-$4500 would more likely to be the subsequent cease.

Golden Cross in Sight

Bitcoin value continues to indicate energy on larger timeframes and is on track to make a golden cross on the 50-200 day shifting common, earlier than the top of April.

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

Trade 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 possibly can 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.


Images courtesy of Shutterstock, Tradingview.com




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