Since April 2nd2019 Bitcoin has been up 75% reaching a high of 7,570. This recent surge has everyone in the crypto market saying we are fully out of the bear market. As bitcoin defies gravity what is causing this Surge in price. There are several speculations to this. Bitcoin and has been gaining popularity with better technology behind its infrasture and crypto sentiment is becoming worldwide as many countries are in some shape or form adopting block chain and Bitcoin within their financial institutions. Other factors say that as Bitcoin price dropped many institutional investors have been slowly accumulating Bitcoin expecting to hold and this would help Bitcoin reach its previous high of 20,000. Many investors have missed out on the opportunity of buying Bitcoin, and they’ll make sure next bull run they won’t miss it. With Bitcoin being such a violate market. Many investors want an opportunity to cash in on some major gains. Major financial firms and retail investors are not wanting to miss there 2nd chance on the climb to 20,000. Meanwhile, bullish analysts have continued to voice their support for bitcoin ahead of one of the biggest events in the cryptocurrency calendar starting next week—Block chain Week NYC and CoinDesk’s Consensus 2019 event, beginning Monday, May 13, and running all week at the New York Hilton Midtown.
BTC 4HR CHART
Before the breakout Bitcoin was trading within the Wyckoff Trading Method (WTM). Once the break out of the descending wedge. Bitcoin had higher highs as it approached the break out price 4,124. Since then it has been on a tear. On the first break out price highs were 5,358 with everyone thinking we would have a healthy pull back to around the 4,200 price range to test the yellow trend line. Bitcoin had something else in mind. The first bullish wedge had a 10% decline as it entered into its next bullish wedge. Signifying Bitcoin was not done and it went into a parabolic curve touching a high on bitmex of 7,570. The RSI is currently at 69. Bitcoin still has momentum to retest previous highs and may even break previous highs. Expected tested levels would be 7,600-7,800. Bitcoin Bull market is back, in recent trends when bitcoin halving is approaching Bitcoin price shows moves up preparing for the upcoming halving.
BTC Daily Chart
BTC daily chart shows how the major resistance was broken. Looking at the red shaded Box, Price completely broke through resistance. What most traders are hoping now is that BTC finds support at either 6,600 or 6,000 keeping the price close to previous highs as we gain momentum to retest and break it so we may proceed in the recent bullish trend.
As Bitcoin dominance is currently 58.9% and many alts have bleed out. Causing them to hit their bottoms or lower. When Bitcoin dominates the market in this fashion it is best to ride the wave of bitcoin and take profits as you may see fit. Be careful trading with alt coins as money is not flowing into alts, rather Bitcoin.