The wheel is spinning again and Bitcoin is pushing harder each time it depreciates, to generate a higher minimum. This strong strategy is undoubtedly the one that could unleash a bullish rally with good support for new historical year.
The market as always responds positively to what its leader,Bitcoin ( BTC) can achieve. At the time of writing, Bitcoin has a dominance of 54.7% within a market that already raises its market capitalization to just over $ 177 billion dollars, with the three main cryptocurrencies of the ecosystem (like most of the rest) generating profits on the second day of Q2 2019.
The leading cryptocurrency is growing faster than the rest of its partners. At the time of writing its quotated price in the pair BTC/USD is of $5512,32 a + 2,56% in the last 24 hours with a stock market capitalization very close to the $ 100 billion.
The BTC/USDT pair is dominated in the markets by Fcoin with its mining transactions, contributing 9.34% of the total volume of the ecosystem for BTC. They are followed by the exchange derivatives of the giant BitMex with 8.79% and by Negocie Coins with 7.76%. Together they represent 25.17% of the market share for the leading cryptocurrency.
If we look at the BTC charts, we find several interesting points that tell us where we are going. In the case of the 4H chart for BTC we find the following technical analysis:
Now the price broke the area of resistance of 5330 $ ~ 5360 $ and it is expected that many who expected this break, enter betting BTC, since what had been anticipated in previous analyzes, was the key resistance in the short term.
Still $4950~ $5050 is the main support area and if an undesired event occurs, we could see BTC back to this area.
We fully predict that we are in an uptrend and will continue for the better part of the month. The current Price: $5328 in BITMEX, which is the largest contribution by volumes of operation at the price of BTC.
Of course, our next goal easily visualized is $ 5600.
If we observe on the other hand, our scenario for 1D we have:
The price closed above the blue box, but the upward movement has not been a very convincing volume. A move towards 5450 – 5500 will be anticipated before another fall in price. Considering the upward trend that closes monthly, the falls from here should be to buy.
As we can see, both medium and long-term scenarios are totally bullish. The trend is bullish and the objective is to immediate jump the key barrier of $ 5600.
Read: Bitcoin (BTC) Price Prediction for Week 15/16/17/18: A Rally Past $5800 Visible For April 29, 2019
Finally, there are some similarities between 2017 and 2019 in the way we went down from $ 5k-> 3k 2017 and we went back to $ 5k.
It took a lot more time this time in a bear market. Overlapping and extrapolating that trend and December 2019 could be beneficial if we can overcome Tether’s risk (which is important at this time and I am very cautious about being long until there is more information).
This is more an observation than a forecast, but the levels of resistance illustrated make sense as you can see.
If we break 6k, I would like this idea to have some chance of coming to fruition due to the strength of the Fomo in this market.
I know it seems hard to imagine, but if we break 6k we would have Fomo at the end of the year. The right side is working 4 times slower than the left. It does not seem impossible to me that what went up in 1 trimester and took 12 months to rewind, in the right circumstances we can go back in 12 months (that is, at the end of the year).
As I said, it’s an observation instead of a solid forecast, but if we eliminated the FUD Tether, it would give it something like a 25% chance.
I will also argue for other reasons why this might happen if the market is not destroyed:
- The bullish trend shown is approximately the same length as the bearish trend.
- The hype of halvening.
Regarding this BTC update, we are seeing something else suspicious. In BitFinex, SHORT positions are more dominant than the LONG positions.
LONG = 29.9K
SHORTS = 17.7K
What does this mean?
It means that if BTC is supposed to be downloaded then these highly open SHORTS would make a large amount of money and the exchanges will be lost, but it is known that the exchange will not cause losses anyway.
So they liquidate the positions moving the price to the opposite direction of the graph with rising trend to graph with descending trend. So a short squeeze, we can see.
We could also see a bomb to liquidate these SHORTS. Time will tell. It will be important to see which way BTC moves now.
The graphics indicate that a dive is coming, but LONGS vs SHORTS are telling us that a Pump is coming: winning bull trend.
The second cryptocurrency is quoting at the time of writing $ 161,58 with a positive change of + 0.38% in the last 24 hours. Its daily market has increased to $ 5.68 trillion dollars.
ETH is trying to claim 158 support, as we can see in the following 4H BitMex graphic.
To achieve this goal we could see the cryptocurrency reach the key resistance levels of $ 186 and $ 199 by mid-May, as we had predicted in our previous post
ETH is currently creating support in the projected triangle, which is obviously good for an upcoming bullish rally.
At the time of writing, XRP is trading at a spot price of $ 0.3044, with a slight correction of -0.11% and a daily market that is already close to $ 880 million dollars. It is the third cryptocurrency with great advantage over its closest followers.
XRPUSD reversed its first resistance at 0.3203 (horizontal superposition resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement) where a strong fall below this level could occur to its main support level. The stochastic has also reverted below the resistance, as well as a possible decrease in the price.
As we can see, its trend looks bullish for May, as has been predicted by many analysts. Time will give us the reason or not.