Bitcoin has smashed above the vital resistance above $5,500 after the crypto asset jumped 5% over the previous 24 hours.
Bitcoin is now buying and selling at a price higher than $5,536, at the time of writing, after seeing a 37.5% growth surge over the previous 30 days.
Within the first half of April 2019, many people asked what will Bitcoin do since its dramatic rise from $4,000.
Bitcoin may hit $6,000 throughout April. After the break above $5,5000, Bitcoin nears the $6,000 mark with over a week still left in April.
The recent value surge has now additionally allowed Bitcoin to re-approach the $100 billion market capitalization.
If Bitcoin can proceed to climb higher and break above the $6,000 range, we imagine the following stop at resistance will be at the $6,150 levels…
What Has Been Going On With Bitcoin?
Having a look at the daily chart, we are able to see that ever since Bitcoin broke above the 100-day moving average, towards the end of March 2019, the market has continued to soar.
At the same time, the market additionally broke above a very long-term descending trend line, which also helped propel Bitcoin further.
Although Bitcoin could also be in a short-term bullish trend, the long run outlook for Bitcoin nonetheless remains impartial.
After such an extended bearish market trend, which has been in motion since January 2018, it will be difficult in the long run to show bullish behaviour quickly. Instead, most analysts consider that, in traditional markets, we will not be out of the previous ‘bear market’ till the asset has surpassed a price that’s 2x from the bottom ($3200).
Within the case of Bitcoin, this is able to require BTC/USD to interrupt above the $6,400 range if we take the $3,200 as the bottom of the previous bear market.
Remember Risk Management.
It is all good saying that Bitcoin is in a good long term trend on the daily but we all know how this market works. Please ensure stop losses are used.
We have some real serious market makers and yes we are bullish we can soon turn bearish in a flash.
There are a number of elements we need to remember why we are, as it stands more likely to go up than down, fundamentals are key here and should always be respected, if not more than the technicals in some elements.
We have plenty of lagging indicators stating that the trend is strong, above the longer term moving averages on the 100 and 200 daily.
That is key. we also have increased hash rate for miners as well as elements within the weekly and monthly candles looking bullish.
Don’t risk what you cannot afford and wait to see if bottoms have been confirmed.
The bottom of this range could fall out at any time if sellers reappear due to the freefall that happened in November, although 4800 appears to be strong support underneath the MA200 on the daily.
Always check the Daily, Weekly and Monthly charts before any investment and ensure you know what you are investing in and at the correct intervals.