Bitcoin Maintains Bullish Bias, Eyeing $4,500 as Upside Target

[cybersofts]

Bitcoin on Monday maintained its bullish bias despite facing rejection by a strong resistance area.



The bitcoin-to-dollar exchange rate surged from $3,956 to $4,244 as the Asian session kicked in. The pair attempted a breakout action but got held by a moderate selling pressure near the session peak. By the European session, an interim bearish correction has brought bitcoin to its session low near $4,022. At press time, the Bitcoin/Dollar rate again is going through a minor accumulation period, which could enable the pair to retest $4,244 for a potential breakout.



BITCOIN/DOLLAR 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM


Technically, bitcoin price has completed its inverse head and shoulder scenario with its neckline tied around $4,244. As the coin consolidates below this level, the likelihood of an extended downside correction is more. In the event of a breakout, the price could set its targets towards $4,418-4,500 area in the interim scenario, bringing adequate opportunities for small profits.

The 4H chart is also displaying a Goldern Cross scenario. The candlestick pattern is formed when a near-term moving average jumps above a long-term moving average. As of now, the 50-period moving average is clearly crossing above the 200-period moving average, confirming a breakout scenario for the bitcoin-dollar pair. On a daily chart, at the same time, the 50-period remains much below the 200-period, confirming that the breakout action – if it takes place – would not confirm an out-and-out bullish bias in long-term.

The RSI momentum indicator confirms a bullish presence after finding buyers in the 50-60 area. In the wake of the aforementioned bullish indicators, there is a likelihood for the RSI to attempt a go at the overbought area.

Meanwhile, the quoted dollar looked weaker on Monday, over a partial government shutdown in the US. Its impact on the bitcoin market cannot be identified at press time.


Bitcoin/Dollar Intraday Targets
Using the same chart above, we have defined our today’s range by $4,244 as interim resistance and $3,976 as interim support.

Our day begins by entering a long position towards $4,244 with plans to extend it on a breakout action, towards $4,500, our psychological upside target. As we pursue the bullish sentiment, we would maintain our stop loss just 1-pip below our entry position. It would ensure that we don’t lose much should there be a sign of an extended downside correction.

In case bitcoin confirms $4,244 as resistance and reverses, then we will open a short position towards $3,976 while eyeing the 50-period moving average as our potential downside target. As usual, we would maintain our stop-loss order just 1-pip above the entry position to manage our risks efficiently.


Reference: https://www.ccn.com/bitcoin-maintains-bullish-bias-eyeing-4500-as-upside-target/

[Pursuer]

bitcoin's bullishness is not going to look like this ever! it will be a big shoot up to above $6k from this $4kish price and that triggers the come back of money and investors to the market as the manipulation is lifted and the price is allowed to rise as whales either run out of bitcoin to dump or fiat to dump for bitcoin off the market.

[butka]

It would be great if the breakout happen, the resistance level is crossed, and the bullish trend is confirmed. What concerns me a little bit looking at your 4 hour chart is a bearish divergence forming between the price movement up and the RSI movement down. Any comment on that?

[GreatOrchid]

bitcoin's bullishness is not going to look like this ever! it will be a big shoot up to above $6k from this $4kish price and that triggers the come back of money and investors to the market as the manipulation is lifted and the price is allowed to rise as whales either run out of bitcoin to dump or fiat to dump for bitcoin off the market.

Yes, also i really doubt that we are going to see those numbers on a short term vision. Probably, it will take more than a few months for bitcoin to reach $5,000 - $6,000 again, and if it happens, the market will turn on to bull market.

[el kaka22]

$4500 is really a great number to achieve right now for all of us. Reason for that is when bitcoin reaches to 4200 or so levels than it still has a way to go down under 4 thousand dollars and when it goes down under 4 thousand dollars it really means bear continues and prices keep falling even more, it creates a psychological pessimistic approach by all of us.

Moreover, if we could go above 4500 dollars it means even when it falls a bit it doesn't go under 4 thousand dollars which is great news and creates an emotion like it won't go below anymore and we are on a bull run. The price is resisting on not going any higher than 4200 for now but as soon as we break those prices I believe we will have nothing in front of us stopping what we are doing. The price could potentially break the 5 thousand barrier if it could reach 4500, of course it would have to go back down a bit to 4200 or so first but than go higher to 5 thousand.

[onrise]

Upside of just 4500$ seems to be far less than what btc will move in this few days and in 2019. It could easily cross 10k in next couple of months itself provided we see some good buying happening which will lead to higher demand and price will also rose quickly. I think 4500$ is far understated value.

[BrewMaster]

$4500 is really a great number to achieve right now for all of us. Reason for that is when bitcoin reaches to 4200 or so levels than it still has a way to go down under 4 thousand dollars and when it goes down under 4 thousand dollars it really means bear continues and prices keep falling even more, it creates a psychological pessimistic approach by all of us.

Moreover, if we could go above 4500 dollars it means even when it falls a bit it doesn't go under 4 thousand dollars which is great news and creates an emotion like it won't go below anymore and we are on a bull run. The price is resisting on not going any higher than 4200 for now but as soon as we break those prices I believe we will have nothing in front of us stopping what we are doing. The price could potentially break the 5 thousand barrier if it could reach 4500, of course it would have to go back down a bit to 4200 or so first but than go higher to 5 thousand.

we need some kind of momentum in the market for that to happen, otherwise it would take a long time and a lot of resistance tests before it can actually be brokens. and so far the momentum has not been that good since the rise didn't take that long and was more like an upward jump. if price breaks $4500 and continues to go up then it can be considered an actual "bullish momentum".

[LeGaulois]

$4000 yesterday... but ~15% today, so? Yeah perhaps today is a dead day for the market, only bots are trading but still. Let's see the full week, but whatever, as someone pointed out some days ago I wouldn't be surprised if after the $6,000 line we go below $3,5-$3k and I will follow this scenario for my portfolio.

[Hamphser]

$4000 yesterday... but ~15% today, so? Yeah perhaps today is a dead day for the market, only bots are trading but still. Let's see the full week, but whatever, as someone pointed out some days ago I wouldn't be surprised if after the $6,000 line we go below $3,5-$3k and I will follow this scenario for my portfolio.

This is the reason why I'm not really expecting too much to fasten up the price. Volatility would always been my priority as long I can utilize to make profits.Then
whatever ranges on the price would do but we all Crypto people do really hope for increasing prices. $4500 price is reasonable for this season.
On next year when Bakkt is approaching we might possibly see a pump.

[Kopyleft]

Bitcoin is not yet in a ullish trend, and has been dropping for the past 20 hours along with the rest of the market.
This is the picture of the the past weeks, testing resistance levels and then dropping down again.
Possibly the market has not accumulated enough to support a major shoot up, which could lead to a bull run

[Harlot]

Chances for Bitcoin to complete the inverse head and shoulder now looks to be impossible now since it dropped below 4,000$ and its not just a minor drop as it loss 8% of its value. A lot of people seems to be profit taking when it hit 4,200$ that is why we have seen a big drop at this moment. It looks like we need to wait for another pattern to form before we see the bulls to come into play again.

[criptix]

Chances for Bitcoin to complete the inverse head and shoulder now looks to be impossible now since it dropped below 4,000$ and its not just a minor drop as it loss 8% of its value. A lot of people seems to be profit taking when it hit 4,200$ that is why we have seen a big drop at this moment. It looks like we need to wait for another pattern to form before we see the bulls to come into play again.

1 day chart.

I dont see inverted h&s invalidated.

[buwaytress]

bitcoin's bullishness is not going to look like this ever! it will be a big shoot up to above $6k from this $4kish price and that triggers the come back of money and investors to the market as the manipulation is lifted and the price is allowed to rise as whales either run out of bitcoin to dump or fiat to dump for bitcoin off the market.

Yes, also i really doubt that we are going to see those numbers on a short term vision. Probably, it will take more than a few months for bitcoin to reach $5,000 - $6,000 again, and if it happens, the market will turn on to bull market.

Whales won't be running out of Bitcoin to dump, not when they've been selling at above 6k and then again every time BTC seems to break 4k, plus the accumulation of further Bitcoin from selling those other alts that spiked even higher - just looking at especially LTC, ETH and Dash I'm seeing even on p2p markets, a lot of people sold off those three for more BTC. That's probably why it's taken down a huge notch today.

Definitely rules out short term, but I'd even be cautious about prepping for medium term. Nothing's to say we're not going beyond the months minimum... and every passing month adds to the likelihood of multiple years to me.

[Harlot]

Chances for Bitcoin to complete the inverse head and shoulder now looks to be impossible now since it dropped below 4,000$ and its not just a minor drop as it loss 8% of its value. A lot of people seems to be profit taking when it hit 4,200$ that is why we have seen a big drop at this moment. It looks like we need to wait for another pattern to form before we see the bulls to come into play again.

1 day chart.

I dont see inverted h&s invalidated.

If you are looking at the daily chart then you are correct the inverted head and shoulder pattern is still at play but if you are looking at the chart given in the OP it was a 4 hour chart so I am basing my analysis in it. Also the inverse head and shoulder on the daily chart is also hanging by a thread because as of right now we are around 3,700$ so any further drop than that could also invalidate the pattern.