Bitcoin broke above the $5,500 mark on 23rd April 2019. The bullish run since the beginning of the month was laid with Fear, Uncertainty, and Doubt (FUD). Various traders marked it is as the ‘no trade zone.’ However, Bitcoin has broken above an ascending triangle is formed on the daily chart after the bull run.
Furthermore, with the golden cross coming to a realization, the traders are expecting an upside to Bitcoin. Analysts are suggesting that bulls have arrived and the price action is already in motion.
Bitcoin Breaks Ascending Triangle on the Daily Chart
B.Biddles, a chart analyst and crypto trader tweeted this morning:
$ Update: We broke out of the ascending triangle. All supply that was holding us back has been eaten up by demand. If we close above here on the 1D…
An ascending triangle is a continuation pattern, hence since the price action just after a bullish move, more upside to BTC can be expected in the near future. The first ‘Take Profit’ level according to B.Biddles is $5800, moreover, he is bullish after that as well.
Furthermore, Biddles also explained that traditional tools of technical analysis like Relative Strength Index and MACD only estimate the demand and supply of the market. The RSI on the daily chart is in the over-bought region at 75.
However, it fails to account for new entrants and old ‘holders’ together. Therefore, according to B.Biddles price action, volume and fundamentals are the only things that matter in the long run.
The fundamentals for BTC have been improving consistently for institutional investors. 2019 saw a plethora of Exchanges and Custody platforms that were specifically enabled for banks, hedge fund managers and other high-volume investors. Fidelity Investment, Coinbase Custody, and even Bakkts‘ recent move to acquire BitLicense improve the avenues of investment for institutional clients greatly.
Moon OverLord, another chart analyst on Twitter seemed to agree with B.Bidles’s analysis of ascending triangle formation. He predicted that:
“New $ all time high within 2 years from today” He also said that, “You want to short this be my guest.”
Crypto-Twitter On ‘Has Bitcoin Bottomed?’
Other popular Bitcoin traders on Twitter like Willy Woo, along with Tone Vays and Tyler Jenks continued their debate on ‘Has Bitcoin Bottomed?‘ on Twitter. Many influential and research groups lent their views. According to most traders, the probability of the bottom being in is more than 50%.
The group of people that were more than 90% certain of the ‘bottom being behind us’ includes Willy Woo (95%), Arjun Balaji (with 90%), Alistair Milne (with 91%) and Arjun Balaji (with 90% as well).
50%. Buy support, sell resistance. If support turns resistance, then you’ll find the final boss level 5 months of old support at that horizontal of $5700 to diagonal at $6700.
The price of Bitcoin at 13: 00 Hours on 23rd April is $5588. It is trading 4.88% higher on a daily scale. The dominance of Bitcoin over the cryptocurrency markets is also increasing significantly, currently at 53.4%.
Do you agree with their analysis? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com