Connect with us

Bitcoin News

Traders Stay Optimistic About Bitcoin Trading Above $5,000 BTC/USD; Golden Bow Forming

Published

on

Traders Stay Optimistic About Bitcoin Trading Above $5,000 BTC/USD; Golden Bow Forming

Bitcoin (BTC) remains above $5,000 after a few days in which the digital asset fell around 8%. Bitcoin moved from $5,400 down to $4,950 for a short period of time. This was a very important retracement for the crypto space. Other digital currencies fell more than 10% during the same period of time.

trading view bitcoin price chart analysis
TradingView BTC/USD Exchange Rate Value Chart

There a few different $BTC pricing elements to cover here, but facts and figures of this nature are necessary feedback to start off with:

Mighty powerful numbers to share here and surprising to see $BTC leading the way at 35% gains in the calendar year so far. Seeing how it has been over 481 days since the all time high for the price of Bitcoin valued in US dollars of $19,300-$19,800 on various charts.

A few of the best comments shed light on public sentiment such as ‘time to buy gold and short oil’ or ‘Oil at same price it was 12 years ago’ and ‘What a wonderful world’.

Bitcoin Remains Stable Close To $5,100

In the last hours, Bitcoin has been traded around $5,100, which is very positive for the virtual currency. At the same time, the cryptocurrency increased its market dominance as well and reached 52%. A few days ago, due to the rapid price increase of other altcoins, Bitcoin’s dominance fell close to 50%, the lowest point in several months.

The price correction experienced by Bitcoin comes after an almost 30% price increase from $4,100 to $5,400 in just a few days. There are some analysts such as Alex Krüger that believe that Bitcoin has already left the bear market behind.

The cryptocurrency trader Satoshi Flipper said that investors still expect Bitcoin to capitulate before starting a new bull market. For him, market capitulation has already occurred and Bitcoin will not keep falling in the near future.

Although there are several reports showing that exchange volumes are faked, it is possible to see that there is an increase in the trading activity across exchanges. At the same time, trading volume at Grayscale’s Bitcoin Investment Trust (GBTC) has also increased. This shows that accredited and larger investors are also paying close attention to the crypto market.

Vinny Lingham, of Multicoin Capital, believes that in order to start a bull run, Bitcoin would have to surpass $6,000 and $6,200. This will mark the beginning of a new bull trend that could end with Bitcoin reaching new highs in the future.

Peter Brandt, a recognized trader and analyst, said that if Bitcoin bottomed, we could be entering a new parabolic phase. Nonetheless, he mentioned that he does not know whether Bitcoin will experience a new drop down to $3,200 before starting to grow once again.

Bitcoin Could Soon Form a Golden Cross Pattern

Bitcoin (BTC), the most popular digital asset in the market, could soon be forming a golden cross pattern, even after an 8 percent drop experienced a few days ago. This technical indicator has preceded massive bull runs, including the one that started after the bear market of 2015 and ended up with Bitcoin reaching $20,000 in December 2017.

Bitcoin’s Technical Analysis Shows a Positive Outlook

Bitcoin has experienced increased volatility in the past weeks. The digital asset was able to move from $4,200 up to $5,300, a price that did not reach since November 2018. A few days ago, the most popular digital asset dropped down to $4,950 for a few minutes and was traded above $5,000 in just a few minutes.

According to CryptoHornHarries, a recognized crypto analyst in the market released a chart in which he shows that $4,900 is a critical region of support for the digital asset. He has also mentioned that if Bitcoin breaks below $4,900 the market could also be experiencing further losses.

At the same time, MoonOverlord, another trader in the crypto space, said that there could soon be a golden cross in the market, in which the 50 day moving average surpasses the 200 day moving average. This is very important for the space because it will be the first golden cross in Bitcoin since October 2015.

This shows that Bitcoin could start growing at any moment in the near future. If Bitcoin does so, many other altcoins could follow it behind.

There are other digital assets such as Litecoin (LTC) that have been developed by professional teams and that were able to yield good returns in the market. Litecoin moved from $23 to $97 a few days ago, representing a price increase of over 300% in a very short period of time.

The final inclusion into today’s bitcoin price analysis to see what tomorrow’s forecast and predictions can form:

Great material to surf through to learn something on the way out.

At the time of writing, Bitcoin is being traded close to $5,099. As CoinMarketCap reports, Bitcoin’s market cap is closed to $90 billion.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement
Advertisement

Recent Posts

Copyright © 2019 The Crypto Report