- BTC/USD dipped from a high almost touching $5,200 only to find balance at $4,950.
- Bitcoin sentimental and technical levels are still positive.
- Bitcoin is shaking the ground that gold has been sitting on for years.
- The surge in April 2019 has increase investors’ confidence and optimism of bull rally.
Bitcoin re-entered the broke broken channel support yesterday following the sudden brief surge from $5,000. Prior to the bullish move, BTC/USD had dipped from a high almost touching $5,200 only to find balance at $4,950. As discussed in an earlier published article, BTC/USD spiked upwards following a break past the 50 simple moving average (SMA) 1-hour and the 100 SMA 1-hour.
At press time, Bitcoin sentimental and technical levels are still positive in spite of the correction from the intraday high around $5,274.53. The relative strength index (RSI) is moving into the overbought to show that the bulls are in control. A growing bullish momentum is likely to break past the ascending trendline resistance, a move that could extend the gains to $5,300 and eventually $5,400.
Clem Chambers, a renowned Forbes contributor in his recent articles said that Bitcoin is shaking the ground that gold has been sitting on for years. Chambers predicts that the crypto market has come to the end of the crypto winter.
The analyst says that while gold has been used as a hedging asset for many years, many investors are discovering a new player and that is Bitcoin. According to Google Trends Bitcoin interest continues to grow although, it still lags behind the levels achieved in 2017. Moreover, the surge in April 2019 has increase investors’ confidence and optimism of bull rally in the nearest future. According to Chambers $6,000 is an “easy target” for BTC, however, $10,000 is impossible in 2019.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.