íàçâàíèå

All Eyes On $6,400: Bitcoin (BTC) Taps $6,100 In Clear Uptrend

All Eyes On $6,400: Bitcoin (BTC) Taps $6,100 In Clear Uptrend

Bitcoin Gives No Regard To Binance Hack

Despite the news regarding the Binance hack, Bitcoin (BTC) is purportedly still looking like a buyable asset. In the past 24 hours, BTC is up by 2.1% according to data from CoinMarketCap. Altcoins, on the other hand, have been slammed, with most notable coins/tokens losing 2% or more, leading Bitcoin dominance figures to 2019 highs at 58%. While some have seen this as a bearish sign, some are convinced BTC remains in a clear uptrend.

Popular analyst The Crypto Monk notes that “Bitcoin is still in a strong uptrend”, seemingly citing the fact BTC hasn’t pulled back after its rally past $6,000, which acted as a level of utmost importance for much of 2018.

From a technical standpoint, the cryptocurrency’s prospects are looking swell. Per previous reports from Ethereum World News, analyst Crypto Thies notes that there are four factors on Bitcoins short-term chart that are currently signaling that BTC could continue higher.

Firstly, there has been a slight bullish expansion on the one-day, which suggests an increase in volatility, marked by surging trading activity, and a potential for the cryptocurrency to see continuation to the upside.

Next, Thies proprietary trend indicator, dubbed Market God, has issued a buy signal on the three-day Bitcoin chart, which last occurred when BTC was trading at $4,000 in late-March, prior to Aprils monumental month.

Thirdly, BTC has broken above its Keltner channels and logarithmic Bollinger Bands, which define approximate trading ranges for an asset, hinting that the cryptocurrency is clearly in a bullish uptrend.

And lastly, the three-day Relative Strength Index (RSI) has broken out of 2018s range, which, according to Thies, is a sign that bears have lost control of the cryptocurrency wheel. Whats more, the current RSI reading is knocking on the Priceline door for Q4 2017. For those unaware what the analyst is referring to, three-day RSI readings of above 80 have only been seen in bull markets. Case in point, when BTC tried to break past $300 after a massive drawdown in 2014 and 2015, the reading failed to move past 80, and only did so months later.

More mainstream analysts, like Fundstrat’s Rob Sluymer, are also bullish. In a research note released just recently, the Fundstrat Global Advisors chartist wrote that “Bitcoins long-term technical profiles continue to point to a new up cycle, looking to the fact that BTC continues to trade far above its 200-day moving average. This comes just days after he remarked that it would be wise for investors to use pending pullbacks, which may soon arrive as a result of Bitcoin being overbought per some indicators, to accumulate BTC in the second quarter.

BTC Needs $6,400

It is important to note that it isn’t exactly smooth sailing from here. Josh Rager explains that BTC remains $300 under “the most epic resistance”, $6,400. For those that are not versed in Bitcoin price history, for much of 2018, BTC’s weekly candles never closed below this level, as this was purportedly the level in which miners would “break even”. As the cryptocurrency market took months to collapse below this level, it has been suggested that it make take a similar length of time for BTC to surmount $6,400.


Photo by Tyler Reynolds on Unsplash

The post All Eyes On $6,400: Bitcoin (BTC) Taps $6,100 In Clear Uptrend appeared first on Ethereum World News.

09.05.2019 / 22:10 19
Ethereum Price Weekly Analysis: Can ETH Bulls Keep Uptrend Going? Ethereum Price Weekly Analysis: Can ETH
ETH price rallied in the past few days and broke the $139 and $144 resistances against the US Dollar. The price is currently correcting lower, but it
Bitcoin (BTC) Price Following Steady Uptrend, Dips Remain Attractive Bitcoin (BTC) Price Following Steady
Bitcoin price climbed higher and broke the $4,100 resistance area against the US Dollar. The price corrected lower recently, but the $4,040 level
Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favored Bitcoin (BTC) Price Still In Strong
Bitcoin price traded to a new monthly high at $4,064 and later corrected lower against the US Dollar. The price declined sharply below $3,950, but
Ethereum Price Weekly Analysis: ETH Sets New 2019 High, Eyes $175 Ethereum Price Weekly Analysis: ETH
ETH price finally broke the $149 and $150 resistance levels and gained pace against the US Dollar. The price traded above the $160 resistance and
Bitcoin Price Weekly Analysis: BTC Holding Key Uptrend Support Bitcoin Price Weekly Analysis: BTC
Key Points Bitcoin price declined recently towards the $3,560 support area against the US Dollar. There is a key bullish trend line formed with
Bitcoin is Repeating 2014’s Downtrend Action That Corrected Vastly Bitcoin is Repeating 2014’s Downtrend
As speculation over Bitcoin finding a bottom grows, onehistorical price action has surfaced to back a strong demand around a specific trading range.
Comments (0)
Add a comment
Comment on