As the first quarter of the year came to a conclusion, the cryptocurrency market witness a huge upward surge in price. Join us as we analyze significant technical price patterns as well as important news and events driving the price of the BTC and the general crypto market.
BTCUSD (Bitcoin) Technical and Fundamentals
Thomas Lee, co-founder of Fundstrat on 5th April, said that Bitcoin is back in a bullish trend. In the interview with Bloomberg, he again referred to the 200-day moving average as crucial to a bullish recovery, and that price has recently closed above the level.
Bitcoin on Google Trend
The user search request for the term "Bitcoin" tripled on Google trend following the price surge on 2nd April. The insights showed a sudden spike in the request from 30 to 100 which represents peak popularity for the term. The value of 0 implies insufficient data for the search term, while 50 means a value of average popularity for the term.
BTCUSD: Monthly Chart
Although the double bearish accumulation pattern of December '18 intensified the bearish sentiment by establishing strong resistance levels at $4384.0, and $4218.0, the month of March closed bullish within the high-low range of February, signaling a bullish accumulation pattern and for the first time, we see a switch from bearish to bullish sentiment on the monthly chart.
The price of the number one cryptocurrency skyrockets by approximately 27.9% from the bullish accumulation pattern on the monthly chart.
BTCUSD: Weekly Chart
The weekly chart of the BTCUSD was finally set for a bullish price surge following a bullish accumulation pattern triggered on 25 February ’19, indicating consecutive bullish closing bars.
BTCUSD: Daily Chart
The above daily chart shows a bullish hidden divergence pattern signaled on 29 March ’29, towards the end of Q1 2019.
A recent bullish accumulation pattern is indicated on 03 April ’19 setting significant support at 4842.2. A collapse of this support level will be catastrophic for the current bullish trend.
BTCUSD: 4-HR Chart
Zooming closer to the 4hr and 1hr charts, we notice a series of breakout of bearish accumulation on 27, 31 March and 01 April before the pair finally soar by 26.7%. At press time the pair triggers a breakdown of bullish accumulation with critical resistance at 5335.5.
Critical Resistance Levels of Bitcoin (BTC)
8506.7, 7788.0, 7429.2
Critical Support Levels of Bitcoin (BTC)
3215.2, 3767.0, 4218.0, 4384.0
3939.0, 4084.0, 4842.2
4071.0, 4112.0, 4172.0, 4745.0, 4834.0, 5039.6
4834.0, 5027.0, 5070.0
XRPUSD (Ripple) Technical and Fundamentals
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