bitcoin Monthly Candle Closes Strong
Just the other day, the April monthly candle for () finally closed. It marked the third month in a row that the had posted gains, and in the eyes of some, marked the end of 2018’s brutal bear downtrend, which sent from an all-time high of $20,000 to a mere $3,150. Bulls, rejoice.
As trader DonAlt notes, due to April’s 25% gain, has broken a key monthly resistance and closed above it, the first time such an event has occurred since 2017. He adds that while he wants to purchase in the “green,” which is in the mid-$4,000s, he is long-term bullish.
DonAlt isn’t the first to have looked to drawn importance to the monthly candle. Pierre Crypto, a popular trader also notes that with April 1st’s uptick, is now above a key resistance level, hinting that bears are losing grip on with each passing day. Satoshi Flipper, too, remarks that the recent price action has confirmed, both on the weekly and monthly chart, that is not in a bear market, adding that all it takes to come to this conclusion is to “zoom out and open your eyes.”
Can BTC Keep The Pace?
While the April close is bullish, there’s always a chance that reverses, falling instead of continuing higher. But according to a number of analysts, this is unlikely to come to fruition, especially considering historical trends and technical indicators.
, the chief investment officer of Adaptive Capital, recently opined that considering has established higher lows on its six-hour chart, and that was in a triangle formation, he wouldn’t be surprised to see heading to $5,700 by the end of May’s first week. And as it turns out, the scenario he depicted has begun to play out, with currently at $5,325 on BitMEX and , with bullish momentum to boot.
And as he pointed out in Bitfinex’s current long-to-short position ratio, the Relative Strength Index (RSI) reading on the ratio, and the BitMEX funding and premium trends are looking bullish. Mahmudov looks to the fact that when the three aforementioned trends looked as they did historically, what followed was a rally in the price. These moves higher were inconsistent, with some of these cases only resulting in 5% gains, but the historical precedent is set for to move higher from here. The Adaptive Capital representative himself didn’t convey an explicit prediction, but he did draw an arrow to $6,400, a level which analysts believe will irk .
And as Galaxy, a accumulation machine, points out, ’s long-term inverse logarithmic chart currently broke below (a bullish sign) an uptrend, potentially setting the stage for yet another parabolic rally, just like in 2017.
Photo by on
Published at Thu, 02 May 2019 02:01:43 +0000
