BitcoinLong
Bitcoin (BTC) price analysis:The 'golden' Opportunity
Updated
Bitcoin (BTC) on the verge of witnessing a golden cross pattern. Immediate term, slight resistance abound, may break on the upside target on 7900 level this is golden Opportunity about buy position is 5700 level breakout and stable this level . Another buy Area 4400 level target 7900 area.
Bitcoin, the poster boy of cryptocurrencies, is on the verge of witnessing a golden-cross technical pattern, which is bullish for the prices, even as in the immediate term there is a resistance that might try and halt the party for time being.
On the downside, a sustainable move below $5,000 will negate the immediate bullish forecast and open up the way towards $4,500 (DMA200) and $4,350-$4370 (DMA50 and lower line of the Bollinger Band). 5700 Area is Strong resistance in BTC that's way Short Sell is best about 5700 area, target 4430 level.
Bitcoin, the poster boy of cryptocurrencies, is on the verge of witnessing a golden-cross technical pattern, which is bullish for the prices, even as in the immediate term there is a resistance that might try and halt the party for time being.
On the downside, a sustainable move below $5,000 will negate the immediate bullish forecast and open up the way towards $4,500 (DMA200) and $4,350-$4370 (DMA50 and lower line of the Bollinger Band). 5700 Area is Strong resistance in BTC that's way Short Sell is best about 5700 area, target 4430 level.
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Bitcoin experienced its biggest bull rally at the end of 2017 where it hit highs close to $20,000. An analyst says that that particular bull rally was based on nothing other than speculation. However, the largest did not stay up for as it reversed the trend throughout 2018 to the extent of trading lows close to $3,000.
However, in the last four months, the entire market has been experiencing a resurgence with gains recorded across the board especially this April. A renowned market researcher claims that Bitcoin’s next rally is potentially bigger compared to the previous one. The researcher suggests that the rally will see Bitcoin break above its all-time high around $20,000.
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News:- Former crypto lead at ARK invest and partner at the New York-based crypto venture capital firm Placeholder, Chris Burniske, believes that Bitcoin’s market cap will pass $1 trillion during the next bull market. Burniske tweeted."Looking at the top 10 crypto assets at the end of each year makes me think #bitcoin gets to $1 trillion on its own in the next bull market."
***Galaxy Digital Holdings CEO, Mike Novogratz, believes that institutional investors will be crucial to Bitcoin reaching a trillion dollar.
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On the intraday charts, BTC/USD has settled above the previously broken channel support and SMA200 (1-hour) clustered under $5,300 handle. While the further upside is capped by $5,344 (the upper boundary of 1-hour Bollinger Band, the short-term trend remains bullish as long as $5,250 remains intact.
On the upside, t we will need to see BTC above $5,500 to say that the downside correction is over that the coin is ready to resume the upside movement. However, the Relative Strength Index on intraday charts has started to reverse from an overbought territory, which means that the coin may extend the downside towards the above-said support of $5,250 before the growth is resumed.
1. BTC/USD bulls try to hold the ground above critical support.
2. The critical resistance lies with $5,500.
3. BTC/USD bulls are further attempting to breakdown the chunky supply from $5500-600 range.
4. BTC/USD is moving within a bullish flag structure seen via the daily chart view, subject to a breakout.
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