The has jumped above $7,500 to discover its fresh yearly high.
The world’s largest established $7,568.32 as its new session peak, bringing its year-to-date net rebound up to 140 percent on San Francisco-based exchange. The broader market tailed ’s uptrend, with a majority of top assets posting double-digit gains, including Cash, , , and . Even SV, which lately faced ban at several exchanges, saw a 10 percent appreciation in the last 24 hours.
What’s Driving bitcoin Bulls
Establishes New 2019 Highs above $7,500 | Image Credits: TradingView.com
’s continuous climb to $7,500 came in the wake of improving buying sentiment and technical forecasts. Fidelity Investments, a Boston-based asset management firm with a vast Wall Street clientele, last week that it would add to its list of institutional investment services. At the same time, online investment service TD Ameritrade offering stimulated through Nasdaq, raising hopes that a full-fledged was underway.
Meanwhile, technical data continued to identify the end of ’s most prolonged bearish phases after the asset formed a low in $3,100-3,200 range on December 15, 2018. Momentum indicator Stochastic RSI, for instance, from its oversold territory for the first time since February 2018 on monthly charts. The move identified a trend shift, meaning that the market was eyeing an extended price recovery in the future.
Stoch RSI currently at 2015 pre bull run level (33) and should enter
“overbought” territory in about 1 or 2 months.Last time it lasted 2 years from $300 to $19K.
— Galaxy (@galaxyBTC)
At the same time, bullish analysts continued to strengthen their long-term upside targets following the Golden Cross formation. The technical chart pattern held a historical significance in the market for the price from $300 to $20,000 in 14 months. The latest Golden Cross formation too prompted a uptrend which, as bulls believed, would lead the price beyond $20,000 by the end of this year.
A significant investment firm was also studying ’s old price behavior to understand its next move. Vancouver-based Canaccord Genuity found that could continue its bull trend over the next 24 months. The firm expected the to retest $20,000 due to next year’s Halving event, which would reduce the current supply by half.
“Now four months into 2019, we note for the third time the striking similarity in ’s price action between 2011-2015 and 2015-2019,” Canaccord said in a note. “While this simple pattern recognition has a little fundamental basis, we note that does operate on a four-year cycle of sorts, as the halving of ’s reward occurs approximately every four years.”
Near Term Targets
The price was now eyeing the $7,785-8,602 range as its next potential bull target. The said area had adequate reversal sentiment, given its ability to cap small uptrends between April and July 2018. A pullback at any given level could push the price violently towards interim supports, the nearest one being at $7,000.
Published at Sun, 12 May 2019 10:28:26 +0000
