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Bitcoin (BTC): Bullish Price Action May Breach $6,000 or More

Bitcoin (BTC): Bullish Price Action May Breach $6,000 or More

2019-04-10 07:50:00
Nick Cawley, Strategist
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Bitcoin (BTC) Price Analysis and Chart:

  • Technical analysis looks positive.
  • Rally may see $6,111 as first target.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies.

Bitcoin’s 20%+ surge last Tuesday to a fresh four-and-a-half month high has bought the largest cryptocurrency back into market view and further price gains could be on the cards as the technical chart flashes a variety of potentially bullish signals and alerts. While Bitcoin is known as a risky asset where noise and rumor have an out-sized affect on price action, technical analysis still holds sway.

A look at the chart below shows two, potentially three, important technical set-ups that suggest the recent rally is far from over. The latest surge last week has formed a bull pennant with a top-side breakout expected to see the price breaking above $6,000, when using the pennant’s pole as a price guide.

Below the bull flag a potential Golden Cross is forming due to last week’s sharp upturn. This technical formation is seen by many as a bullish signal as short-term positive momentum begins to control the market. The cross has not formed yet but should be closely watched as it will generate headlines and momentum in the short-term.

The chart also shows that the recent trend of lower highs was broken in late February and the move confirmed by last week’s price action. In addition, there remains a gap on the November 14 candle between $5,660 and $6,111 that looks likely to be filled, taking us back to levels last seen in October last year.

The CCI indicator at the bottom of the graph warns that Bitcoin is still overbought but is lower than its extreme levels seen last week.

Bitcoin Daily Price Chart (August 2018 – April 10, 2019)

Bitcoin (BTC): Bullish Price Action May Breach $6,000 or More

Trading volume has also picked up in the last week and is running at around twice the normal turnover levels seen in the last few months, another bullish signal.

Bitcoin Volume (March 12 – April 10, 2019)

Bitcoin (BTC): Bullish Price Action May Breach $6,000 or More

Bitcoin Landing Page – Everything You Need on One Page.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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