- Bitcoin prices up 4.6 percent in the last week
- Bullish projection cement our assertion of shifting sentiment from bearish to bullish
At spot rates, the crypto market is far from the $880 billion valuation of late Dec 2017. Even so, as Bitcoin (BTC) prices recover, bottoming up and closing above $5,000, odds are the next wave would thrust BTC above $6,000 as our trade conditions become valid.
Bitcoin Price Analysis
That there is a movie dedicated to crypto shows how the public is aware of Bitcoin and other leading coins. The truth is that this new-age investment is worth it. Institutions are shifting their stand from conservative and angling at clipping part of this burgeoning market.
Concurrently, regulators are drafting laws supportive of blockchain applications while at the same time protecting investors. Their decision is bullish. After 2017 parabolic rise where investors from all over the world channeled their hard-earned monies to projects that are emerging to be frauds only to be followed by a cold winter that wiped out more than $600 billion in the space draining investors’ will to participate further fuelling the sell-off, the cautious stand adopted by these practical regulators was necessary.
Presently, the market is recovering, and as prices range above $5,000, analysts expect this state of affairs to continue for sometimes.
Luckily, their projections are positive, waiting for a stronger break and close above $6,000 as prices rally towards $8,000 the longer the range mode.
Josh Rager, a popular cryptocurrency analyst on Twitter, had this to say:
“The longer $BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up. Though this equally becomes a stronger resistance if a breakdown occurs. IMO, Bitcoin likely stays in the price range of this chart for weeks to come.”
Price wise, Bitcoin (BTC) is up 4.6 percent. However, it is poised to add more in days ahead now that prices are trending above $5,000 thanks to events of early April.
In line with our last BTC/USD trade plans, buyers are in control, but once there is a conclusive reversal of Apr-11 bears confirming buyers of Apr-2, then traders should align their position in expectation of the next wave that would lift prices above $5,500 towards $6,000 as reiterated before.
Note that the momentum is high and as prices reverse from the 38.2 percent Fibonacci retracement mark anchored on the break and close above $4,500 from Apr-2 through to Apr-10. The only move that nullifies this course are losses below $5,000, with high volumes exceeding those of Apr-11.
Our anchor bar is Apr-11, and it has high volumes of 19k. Recent averages stand at 9k, but if prices close above $5,500 with equally high volumes above Apr-10 highs, then conservative traders can initiate longs with targets at $6,000.
Chart courtesy of Trading View.
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* First published on newsbtc.com