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Bitcoin Price Analysis: BTC/USD reaches new 2019 peak

  • BTC/USD went up from $5,393 to $5,680 this Friday.
  • Bitcoin achieved a $100 billion market cap for the first time in 2019.
Bitcoin Price Analysis: BTC/USD reaches new 2019 peak
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD bulls had a field day this Friday as they managed to break past several critical resistance levels and reach a new 2019 high. The price went up from $5,393 to $5,680, as bulls broke past the critical $5,450 and $5,550 resistance levels. The buyers will now want to leverage their momentum and test the $5,700, and eventually, the $6,000 resistance levels. In the process, Bitcoin's marketcap also exceeded $100 billion for the first time in 2019.

BTC/USD Daily Chart

  • The price was trending upwards in a channel before it eventually broke out.
  • The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
  • The signal line has converged with the MACD line to indicate that the market momentum has shifted from the bears to the bulls.
  • The two latest sessions of the Elliot wave oscillator are bullish.
  • The relative strength index (RSI) indicator has entered the overbought zone, which indicates an upcoming bearish correction.
     

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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