Bitcoin Price Analysis: BTC/USD Bulls Keep Charging to Upside Targets

[anthon.stephens]

https://bitcoinerx.com/wp-content/uploads/2019/03/190328_bitcoin-696x442.png

Bitcoin is gaining momentum after a strong bounce off the rising channel support visible on the 1-hour chart. Price has climbed past the first two Fibonacci extension levels and could be looking to test the swing high next.

This is in line with the 61.8% Fibonacci extension level at $4,125. The channel resistance is closer to the 78.6% level at $4,177 and the full extension is at $4,242.3. However, 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, there’s still a chance that bearish momentum could stay on.

Then again, the gap between the moving averages is narrowing to signal weakening selling pressure and a potential bullish crossover. If so, more buyers could be encouraged to jump in and sustain the climb. A break past the channel resistance could spur a steeper climb for Bitcoin.

RSI is heading lower from the overbought zone to signal that selling pressure is just about to pick up. Similarly stochastic has just recently turned lower from the overbought zone and has plenty of ground to cover before reaching the oversold region, which suggests that sellers could stay in the game for much longer. In that case, another test of the channel bottom around $4,000 could be underway, and a break below this might still spur a reversal.

BTC/USD Chart - TradingView

The strong rebound off the $4,000 key area of interest seems to have been enough to revive confidence in the coin, as well as other cryptocurrencies. Many are still predicting that Bitcoin could reach as high as $5,500 in May when more developments kick in and central banks are rumored to be stocking up on digital assets as well.

However, this move seems to have been accompanied by low volumes and no actual industry developments, so profit-taking could be as quick as in previous instances.

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[Tytanowy Janusz]

Quoted for others to see image without entering link.

Very interesting. Now open the same chart but not with 1h candles but with 1w candles and you will see that all you are saying is small rise with decreasing volume and decreasing long of candles

And that's alarming. We may see very aggressive dump.

[beerlover]

The part that really caught my attention in this article is that part where you said Central Banks are stocking up on digital asset too, I doubt this though but nothing is in possible seen we are not with them to witness what they are doing covertly, this might probably be one of the reason why they have fought Bitcoin so hard so it can fall the value for them to be able to accumulate more but it will still be good because their action will end up forcing the market to bull run.

Every of your analysis is possible and I really see bitcoin getting to $5500 by May, I am sure a lot of people will start acquiring with FOMO.

[reda]

From last 24 hours we can see around 60 USD changed for bitcoin and even some more cryptos also bumped along with the bitcoin. Now total marketcap has settled 143800000000 USD currently. Lets wait and check what will happen in the coming days.

You may find the price analysis of the price changes on this Coindesk news link: https://www.coindesk.com/bitcoin-price-hits-5-week-high-with-chart-echoing-2015-pre-rally-pattern

Thanks for the thread but need more update coming days from you buddy. I believe we will find the growth in the coming days too.

[butka]

Very interesting. Now open the same chart but not with 1h candles but with 1w candles and you will see that all you are saying is small rise with decreasing volume and decreasing long of candles

This is exactly why I don't believe in trending lines and Fibonacci extension levels any more. Just change the time frame and the analysis is totally different: different trend lines, different Fibonacci lines and, as a result, different conclusions.

And the real question is: "To what extent can we apply technical analysis in a market so prone to sudden moves and fomo like the crypto market is? I don't we can use TA most of the time.

[ajqjjj]

From last 24 hours we can see around 60 USD changed for bitcoin and even some more cryptos also bumped along with the bitcoin. Now total marketcap has settled 143800000000 USD currently. Lets wait and check what will happen in the coming days.

You may find the price analysis of the price changes on this Coindesk news link: https://www.coindesk.com/bitcoin-price-hits-5-week-high-with-chart-echoing-2015-pre-rally-pattern

Thanks for the thread but need more update coming days from you buddy. I believe we will find the growth in the coming days too.

If we saw in last 6 hours chart Bitcoin will move to backward. So pump and dump was happening on last 24 hours chart and this chart was little satisfied because of growth rate is little bit higher than in this day. May be next month we will saw some bull run on crypto market.

[anthon.stephens]

Quoted for others to see image without entering link.

https://bitcoinerx.com/wp-content/uploads/2019/03/190328_bitcoin-696x442.png

Very interesting. Now open the same chart but not with 1h candles but with 1w candles and you will see that all you are saying is small rise with decreasing volume and decreasing long of candles
https://i.imgur.com/k5LpFqd.png
And that's alarming. We may see very aggressive dump.

A dump is unlikely. Very high risk of entering a short position. 80/20. I believe that within 3-x days we will surely consolidate above 4250$ for Bitcoin. 

[gantez]

Very interesting. Now open the same chart but not with 1h candles but with 1w candles and you will see that all you are saying is small rise with decreasing volume and decreasing long of candles

This is exactly why I don't believe in trending lines and Fibonacci extension levels any more. Just change the time frame and the analysis is totally different: different trend lines, different Fibonacci lines and, as a result, different conclusions.

And the real question is: "To what extent can we apply technical analysis in a market so prone to sudden moves and fomo like the crypto market is? I don't we can use TA most of the time.

You are right in the fibo and trend line manipulation. I see them as lagging indicators because you can as well adjust them to what you want depending on your speculation of the market price and direction. Again, unlike forex trade, crypto is hard to be relied on TA for most of the time, even no time frame for news like forex trading where you are giving time schedule for most of the daily news.

Cryptocurrency is indeed difficult to predict its price.

[butka]

You are right in the fibo and trend line manipulation. I see them as lagging indicators because you can as well adjust them to what you want depending on your speculation of the market price and direction.

All indicators are lagging and that is not the main problem here, at least not for me. I don't use them anyways. What's bothering me more is the provisional manner in which they are used. As you say, they are often adjusted and even drawn after the price has moved to prove a point.

Again, unlike forex trade, crypto is hard to be relied on TA for most of the time, even no time frame for news like forex trading where you are giving time schedule for most of the daily news.

Cryptocurrency is indeed difficult to predict its price.

This is a great point and often totally neglected when promoting crypto technical analysis of any kind. Forex is definitely much more regulated and you have a calendar of news events. So, if you like you can choose not to trade until the news event is over. In crypto trading, sudden news and irrational expectations can totally destroy your TA. I guess with maturity, the cryptocurrency market will change and it will resemble the Forex market to a greater extent. This would enable TA to become a more powerful tool for predicting price movements than it currently is.

[anthon.stephens]

https://www.newsbtc.com/wp-content/uploads/2019/04/Bitcoin-3.png

Bitcoin price settled above the key $5,000 hurdle and tested the $5,240 resistance against the US Dollar.

The price faced a strong selling interest near the main technical barrier at $5,240-5,260.
There is a major connecting bullish trend line formed with support near $4,200 on the daily chart of the BTC/USD pair (data feed from Kraken).
The pair corrected recently, but it is likely to make another breakout attempt above $5,240.
Bitcoin price started a massive bull-run above the $4,500 and $5,000 resistances against the US Dollar. BTC is currently struggling near the $5,240 resistance, but more upsides seems possible.

Bitcoin Price Analysis

In the past two days, we saw a nasty upward move above the $4,500 resistance in bitcoin price against the US Dollar. The BTC/USD pair even climbed above the $5,000 resistance and settled well above the 100-day simple moving average. During the recent rise, there was a break above a couple of important resistances near the $4,000 and $4,200 levels (green area). It opened the doors for a sharp rally above the $4,800 and $5,000 levels.

More importantly, there was a break above the 50% Fib retracement level of the last significant drop from the $6,559 high to $3,122 low. The price settled above the $5,000 resistance area and recently tested the next major hurdle near $5,240-5,260. It represents the previous swing low near $5,250 (red line). Besides, the 61.8% Fib retracement level of the last significant drop from the $6,559 high to $3,122 low is also near the $5,240 level. Therefore, the recent downside correction was from a crucial technical resistance near $5,250.

Having said that, downsides are likely to be limited since there are many supports near $5,000, $4,900 and $4,840. If there is an extended correction, the price could test the $4,600 or $4,550 support. There is also a major connecting bullish trend line formed with support near $4,200 on the daily chart of the BTC/USD pair. The main support is near the previous breakout area near the $4,200 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly moved into a strong uptrend above $5,000. It is currently facing a crucial resistance near $5,240, above which there are chances of more upsides towards the $5,500 or $5,750 level. The final stop for buyers could be $6,000 if there is a proper follow through above $5,500. On the downside, buyers are likely to remain active near $4,840 or $4,600 in the near term.

Technical indicators:

Daily MACD – The MACD is placed heavily in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for BTC/USD climbed above the 80 level and currently flat near 87.

Major Support Levels – $4,840 followed by $4,600.

Major Resistance Levels – $5,250, $5,500 and $5,750. 

[anthon.stephens]

You are right in the fibo and trend line manipulation. I see them as lagging indicators because you can as well adjust them to what you want depending on your speculation of the market price and direction.

All indicators are lagging and that is not the main problem here, at least not for me. I don't use them anyways. What's bothering me more is the provisional manner in which they are used. As you say, they are often adjusted and even drawn after the price has moved to prove a point.

Again, unlike forex trade, crypto is hard to be relied on TA for most of the time, even no time frame for news like forex trading where you are giving time schedule for most of the daily news.

Cryptocurrency is indeed difficult to predict its price.

This is a great point and often totally neglected when promoting crypto technical analysis of any kind. Forex is definitely much more regulated and you have a calendar of news events. So, if you like you can choose not to trade until the news event is over. In crypto trading, sudden news and irrational expectations can totally destroy your TA. I guess with maturity, the cryptocurrency market will change and it will resemble the Forex market to a greater extent. This would enable TA to become a more powerful tool for predicting price movements than it currently is.

You are right. Technical analysis in cryptocurrency works poorly. The exception is Bitcoin, and not always. This time I guessed right.

[coinplus]

I think there will be a correction soon, this can not go forever unless we are in a huge bull run yet again, if you think bitcoin will reach to 10k+ again and keep on going up and up than the price will be on a steady increase however if you think it will be around here for a while than I think it should also have a correction as well, some people will realize profits and that will drop the price a bit but only a bit, nothing huge, it can stay above that 4700+ price for a long time from what I see.

All indicators show bitcoin going up but do not forget that right before November 15th the price and charts looked like bitcoin going up but than Craig sold a bunch of bitcoins and we have been waiting to go back to pre-November numbers since those days. I would like to be happy and get excited about the prices too but I am also very scared as well.

[dothebeats]

I think there will be a correction soon, this can not go forever unless we are in a huge bull run yet again, if you think bitcoin will reach to 10k+ again and keep on going up and up than the price will be on a steady increase however if you think it will be around here for a while than I think it should also have a correction as well, some people will realize profits and that will drop the price a bit but only a bit, nothing huge, it can stay above that 4700+ price for a long time from what I see.

I think that we're up for some correction too, though when, I don't know. All indicators are hinting towards more gains for April, but we all know that this would not happen unless we are full-on bullish mode. At this point, most people seemed to be scared of pulling the trigger on large buys and only a handful are chomping down on those sell orders. Idk much, but a correction is definitely waiting in the wild.

All indicators show bitcoin going up but do not forget that right before November 15th the price and charts looked like bitcoin going up but than Craig sold a bunch of bitcoins and we have been waiting to go back to pre-November numbers since those days. I would like to be happy and get excited about the prices too but I am also very scared as well.

This is a different scenario since during those days, CSW is not having fun with the drama and the bashing that he has received from the community, and also the fork wars he have had with Jihan Wu and Roger Ver. We don't have that same drama today, and we don't have an extremely positive news today either so it's hard to expect something big from this rise.

[StarofBTC]

Technical analysis in cryptocurrency works poorly. The exception is Bitcoin, and not always. This time I guessed right.

What do you expect from fake and copycat cryptocurrency lol, despite the fact that I hold large portion of some of them, I still have a little beef about them sometimes for making people not really paying more attention to the one and only cryptocurrency king, if all investment were to be in Bitcoin now, do you know how much BTC would have been ?

If we are to talk about breaking its monopoly, why can’t we just have 1 or 2 more coins as alternatives, instead of all these coins that are out and still relying on BTC to function.

Bitcoin will always stand out and I am sorry to say, all other altcoins are just there and may not stand decades, so if anyone wants to trade, they should better trade BTC against USD, at least with that, technical analysis works for you to be able to decide when to make your trades.

[anthon.stephens]

Froom LOL I do not expect anything. If they want to make a pamp on the growth of BTC if they do not scam at all.

Bitcoin will not always stand out. When the US Central Bank launches the stable coin, Bitcoin dominance will end.

At the same time, there is a chance to reduce the dominance of Bitcoin. This will require abandoning reserves in BTC of top projects such as ETH, XRP and others in favor of their tokens.

[Kemarit]

Froom LOL I do not expect anything. If they want to make a pamp on the growth of BTC if they do not scam at all.

Bitcoin will not always stand out. When the US Central Bank launches the stable coin, Bitcoin dominance will end.

This is the most absurd statement I have seen so far after the pump.  . Do you think that US Central bank will launch it's own stable coin? They have USD already. 

At the same time, there is a chance to reduce the dominance of Bitcoin. This will require abandoning reserves in BTC of top projects such as ETH, XRP and others in favor of their tokens.

Did you know that there was even a attempt before? It's called "Flippening" for ETH and "Rippening" for XRP, but it didn't succeed. I advise you to go and research about it more.

[traderethereum]

Froom LOL I do not expect anything. If they want to make a pamp on the growth of BTC if they do not scam at all.

Bitcoin will not always stand out. When the US Central Bank launches the stable coin, Bitcoin dominance will end.

At the same time, there is a chance to reduce the dominance of Bitcoin. This will require abandoning reserves in BTC of top projects such as ETH, XRP and others in favor of their tokens.

We will see it later. Who will be the stronger coins, US Central Banks with their stable coins or bitcoin? We will see it on the exchanges. But I am curious about their new stable coins. Maybe you can tell us what the name of that stable coin is.
Everything can happen with bitcoin, so let's wait for the next day.

[Whosdaddy]

Froom LOL I do not expect anything. If they want to make a pamp on the growth of BTC if they do not scam at all.

Bitcoin will not always stand out. When the US Central Bank launches the stable coin, Bitcoin dominance will end.

At the same time, there is a chance to reduce the dominance of Bitcoin. This will require abandoning reserves in BTC of top projects such as ETH, XRP and others in favor of their tokens.

Is a centralized system and decentralized system same, of what use will it be to us to be under a stable coin that is still being controlled by controlled by central bank, well, we don’t expect not to have antagonist of cryptocurrency, probably because you didn’t have the opportunity to invest when it was low and now it has become too expensive for you to purchase, so you will also join people like you in doing their possible best to kill a system that supersede any system the government is coming out with.

The only way that stable coin and dominate Bitcoin is when the government impose it on their citizens, but at freewill? It will be another useless coin.

[pooya87]

it was all about the breakout which was needed to pop this Reverse Bubble that we were stuck in for a couple of months. now that it has popped (so to speak) the market is gaining some momentum which is leading to higher and higher prices in each step of the rise. the first one was the hardest and now from $5k to $6k is going to be much easier.

[YuginKadoya]

Considering the good come back this is a slow pace recovery for the price, And I think it is ok for now but I still really think this can never be going into a bull run this year, But for now, it is OK in my part because I really think that there are now people coming back to bitcoin because of this kind of movement so another good start for cryptocurrency and the bearish market is now subsiding but still I am pretty sure there is still resistance up ahead a likely $5500 USD is a common target in this recovery In my opinion.