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Bitcoin (BTC) Price Skyrockets To $5K As Uptrend Solidifies

Bitcoin (btc) price skyrockets to $5k as uptrend solidifies

Bitcoin (BTC) Price Skyrockets To $5K As Uptrend Solidifies

  • bitcoin price surged more than 15% and cleared the main $4,200 resistance against the US Dollar.
  • The price rallied close to the $5,000 and $5,200 resistance levels, where sellers emerged.
  • There was a break above a crucial contracting triangle with resistance at $4,200 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • The pair almost touched a strong resistance zone near $5,000 before pulling back to $4,750.

bitcoin price rallied above $4,200, $4,400 and $4,750 against the US Dollar. BTC traded towards the $5,000 resistance and it is currently correcting lower.

bitcoin Price Analysis

In the past few analysis, we discussed the importance of the $4,140 and $4,200 resistances for bitcoin price against the US Dollar. The BTC/USD pair formed a solid support base above the $3,900 level and it recently settled above the $4,000 pivot level. It opened the doors for more upsides since the price even settled above the $4,100 and the 100-day simple moving average. Today, bulls gained momentum, resulting in a strong upside break above the $4,200 and $4,400 resistance levels.

More importantly, there was a break above a crucial contracting triangle with resistance at $4,200 on the daily chart of the BTC/USD pair. These are strong bullish signs since the price settled above the $4,200 and $4,400 hurdles. The market sentiment improved and the price even spiked above the 50% Fib retracement level of the last decline from the $6,546 high to $3,122 swing low. The price even climbed towards the $5,200 barrier, but it failed to retain momentum.

There was no test of the 61.8% Fib retracement level of the last decline from the $6,546 high to $3,122 swing low. BTC retreated from highs and it is currently trading near the $4,750 level. On the downside, there are many supports near the $4,400 level. The recent rally above key resistances has cleared the path for more upsides above $5,000. If there is a downside correction, the previous important resistance at $4,200 is likely to act as a strong support.

Bitcoin price analysis btc chart

Looking at the chart, bitcoin price cleared surged after it broke the main $4,200 resistance. These are strong bullish signs, increasing chances of more upsides in the coming days. The next major resistance to watch out is at $5,200. If buyers even manage to surpass $5,200, the previous breakdown support at $6,000 could be tested (a strong sell zone).

Technical indicators:

Daily MACD – The MACD is gaining momentum in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for BTC/USD surged above the 70 level with many positive signs.

Major Support Levels – $4,400 followed by $4,200.

Major Resistance Levels – $4,850, $5,000 and $5,200.

Published at Tue, 02 Apr 2019 06:30:35 +0000

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Bitcoin Through The Eyes of the World’s Most Respected Billionaires

In a recent article, The Motley Fool examines what billionaires Mark Cuban, Warren Buffett and Richard Branson have to say about bitcoin.

The Motley Fool’s Matthew Frankel writes that it can be a smart idea to listen to what some of the most successful people in the world have to say, and with that, he explores what three of the world’s most respected billionaires have to say about bitcoin.

While these are merely opinions, each brings with it a unique perspective and outlook on what is very much an emerging technology and a potentially disruptive threat to their empires.

Mark Cuban on bitcoin: The Cautious Take

Dallas Mavericks owner and investor Mark Cuban made news in the cryptocurrency world recently when he made the following tweet:

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Within hours of his tweet the price of Bitcoin fell, he then tweeted:

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While this does highlight the volatility of the bitcoin, it also brings attention to just how sustainable the coins current high price is. However, Cuban does have a great enthusiasm for the underlying technology of the blockchain.

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Warren Buffett on bitcoin: The Dismissive Take

Warren Buffett

In a 2014 CNBC interview, American business magnate and investing giant Warren Buffett dismissed bitcoin claiming that it was a technology essentially devoid of value. During the interview, Buffett offered this advice to readers:

Stay away from it. It’s a mirage, basically…The idea that it has some huge intrinsic value is a joke in my view.

Many dismissed his comments, however, since Buffett has avoided investing in new technology throughout his career, admitting that he does not understand them well enough to invest. A cautionary lesson in research there. However, Buffett’s comments did not sit well in the tech industry where he received condemnation for his criticisms. Tech venture capitalist Marc Andreessen echoed the sentiments of many in the tech industry:

The historical track record of old white men crapping on new technology they don’t understand is at, I think, 100%.

Buffett’s comments in regard to bitcoin and blockchain technology were made 3 years ago and it is entirely possible, if improbable, that his attitude has changed since.

Richard Branson on bitcoin: The Positive Take

Sir Richard Branson

Not only does UK tech billionaire Sir Richard Branson speak highly of bitcoin and blockchain technology, he also suggests applications for the technology in a socially beneficial way. Using the technology to create a better, more secure and forgery-proof land titling system is just one of the real-world applications Branson envisions. This would ideal for developing countries and places where corruption is rife, as land titles are regularly disputed.

Branson also holds annual Blockchain Summit events on his own private island where blockchain experts and developers, as well as the top minds across a wide range of industries, brainstorm new ideas and applications for the technology. Ultimately, his attitude towards bitcoin is that it is working, and working successfully. He does recognize, however, that there is room for even better solutions than bitcoin currently provides.

Have these Billionaires got the right idea about bitcoin? Should they be doing more like Richard Branson in promoting it and looking for active uses? Let us know in the comments below?

Images courtesy of Flickr, AdobeStock

The post Bitcoin Through The Eyes of the World’s Most Respected Billionaires appeared first on Bitcoinist.com.

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