It has been a great week since we wrote our last analysis! Not only Bitcoin was able to break through a number of important resistances, but the halving fomo also seems to khave started. As we wrote in our last analysis, Bitcoin fought for its Higher Highs (HH) at a price range of 6800. At that moment we did expect Bitcoin to drop slightly at the 6600 or 6200 level. We were wrong as Bitcoin didn’t even come close to this (lowest price was 6754). Fortunately for the Bitcoin holders, the price seems to remain higher. Bitcoin managed to raise 1500 dollar (21.72%) in just one week. We broke the last Higher High at a price of 7469, and pushed through the 8k resistance.
In our post of April 16, we already mentioned the hash ribbon capitalization signal. On April 25, this signal turned into a buy signal and from that moment on, the price seems to continue to rise.
The disappointing thing is that the volume is still lower than we would expect in an “breakout”. This could argue that this outbreak could be some kind of “fakeout”.But so far, Bitcoin’s price has remained stable and continues to rise. We can say that it seems that Bitcoin has finally broken its downward trend and seems to be starting a new Bull Run.
With only 12 days to go before the Bitcoin reward cut, Bitcoin’s price doesn’t seem to be showing any signs of weakening anymore. Bitcoin could even rise above the 20 Weekly Moving Average (currently priced at 7878), and even pushed above the 200 Daily moving Average (currently priced at 7974). The 200 daily moving average is used to indicate when something is in a bull or bear market. And as long as we can stay above this moving average, we may find ourselves in a bull market again.
If we check history, Bitcoin will not retest the 200 daily moving average for a few months after the breakout. If we see Bitcoin retesting this after a few days or weeks, it could be a sign that this was just a fakeout, and Bitcoin may again see lower prices again.
But for now everything seems positive for Bitcoin, and we might see 10K sooner than later..! The next two weeks will be exciting for Bitcoin as more and more fomo will come in the coming days. All we need to be careful about is what will happen after the Bitcoin reward cut. We don’t know what traders will do and the price may drop after that date.
A short overview:
Thank you for reading and let me know what you think about the upcomming halving!
In our post of April 16, we already mentioned the hash ribbon capitalization signal. On April 25, this signal turned into a buy signal and from that moment on, the price seems to continue to rise.
The disappointing thing is that the volume is still lower than we would expect in an “breakout”. This could argue that this outbreak could be some kind of “fakeout”.But so far, Bitcoin’s price has remained stable and continues to rise. We can say that it seems that Bitcoin has finally broken its downward trend and seems to be starting a new Bull Run.
With only 12 days to go before the Bitcoin reward cut, Bitcoin’s price doesn’t seem to be showing any signs of weakening anymore. Bitcoin could even rise above the 20 Weekly Moving Average (currently priced at 7878), and even pushed above the 200 Daily moving Average (currently priced at 7974). The 200 daily moving average is used to indicate when something is in a bull or bear market. And as long as we can stay above this moving average, we may find ourselves in a bull market again.
If we check history, Bitcoin will not retest the 200 daily moving average for a few months after the breakout. If we see Bitcoin retesting this after a few days or weeks, it could be a sign that this was just a fakeout, and Bitcoin may again see lower prices again.
But for now everything seems positive for Bitcoin, and we might see 10K sooner than later..! The next two weeks will be exciting for Bitcoin as more and more fomo will come in the coming days. All we need to be careful about is what will happen after the Bitcoin reward cut. We don’t know what traders will do and the price may drop after that date.
A short overview:
- We are above the 20 Daily Moving Average (currently at 7226)
- We are above the 20 Weekly Moving Average (currently at 7878)
- We are above the 200 Daily Moving Average (currently at 7974)
- Bitcoin block reward will cut in half in 12 days
- Buy signal from the Hash RIbbon
- Support levels at: 7800
- Resistance zones at 8400
Thank you for reading and let me know what you think about the upcomming halving!
