Bitcoin Analyst Shares Mid-Term Bullish Continuation Reasons, Abra CEO on BTC Value vs Global GDP

The leading cryptocurrency is currently trading 80 percent above the yearly low from December 2018. In addition, so far in 2019 bitcoin has surged more than 54 percent.

At the time of writing, BTC/USD has been trading at $5,800 on Bitstamp with 24-hours losses of 0.57 percent and at $6,057 on Bitfinex.

With the price of Bitcoin seeing such greens, people are anticipating a bigger rush towards the upside, however, according to crypto analyst Murad Mahmudov, only if the $5,450-$5,550 area holds, it would be “very bullish” and “mega monsoon is still on the table.”

In his latest analysis shared via Twitter thread, Mahmudov gives a list of reasons for being bullish at this zone.

To start with, he says the resistance has flipped support on the orderbook “As the urban legend goes, consolidation patterns that break out upwards *even though their neckline/confirmation line is in an incline* break upwards particularly violently when/if they do.”

Second, just like from $4,100 we sailed through $5,000, he says the area above is air which is low in VPVR density. This area doesn’t have a lot of value negotiation and if we push, we will push hard. Thirdly, the very sensitive StochRSI isn’t even overbought on the daily.

Coming onto the next reason, the daily RSI has already broken out of here even at the current drop. Mahmudov also points to weekly looking bullish and the Weekly RSI that is breaking through the level of resistance and is bullish as well.

During the past several weeks, a large number of 4H candles have been bought quickly “like pancakes on Sunday afternoon”, he says and this trendline on the 4H is holding currently. And in case this trendline falls through, we have another one to save us. Looks like we are also funding support right at the middle of the Bollinger Bands MA20 line that all constitute for next three reasons.

The fact that shorts are still largely unsqueezed calls for a big pump while “typically over the last 18 months, the current situation with L/S and L/S RSI would be very bullish.”

While the volumes on red candles are smaller than the volume on green ones, 15-min RSI regular bull div has been printed as well.

A clear break of “looser variants” on the parabola, according to Mahmudov will be the first signal when we need to be concerned. And if this leads us to below $5,400, he says, it will be more consolidation before we get back onto the next “sharp” movement.

Though NVT Signal, Tensorcharts resistance, and BFX Risk / Premium are bearish, Murad currently lean towards short/mid-term bullish continuation.

ABRA CEO Bill Barhydt: Bitcoin's Current Valuation Can Be Weighed Against Global GDP

Father-son venture capitalists, Tim and Adam Draper, in a recent discussion with Abra’s CEO, Bill Barhydt talked about their experiences with BTC (Bitcoin) and its future.

Lightning Networks and OpenNode

Adam Draper said in the interview that the OpenNode and Lightning Network concepts will play essential roles in the global adoption of Bitcoin in the future.

Tim Draper, a recent investor in OpenNode, is of the belief that the OpenNode technology will aid in the easy adoption of BTC for retailers, and the moment it gains enough popularity, the adoption of Bitcoin will be huge.

He added:

“They’re going to make it very easy for anybody to move money anyway through bitcoin. I think it’s going to really have an impact on bitcoin.”

Bitcoin Vs Relative Gross Domestic Product (GDP)

The current value of Bitcoin (BTC) was applauded by Bill Barhydt, stating that it is possible to weigh BTC relatively against global GDP. Since Bitcoin (BTC) is not up to a decade old, and the fact that it can relatively be weighed against global GDP is an indication that its moving up.

Bitcoin (BTC) Not a Commodity

In addition, Barhydt said that Bitcoin (BTC) should no longer be called a commodity.

Bill Barhydt said:

“When you think about it, bitcoin is not a commodity. It’s a computer program that actually generates other computer programs. That’s how you move bitcoin, you actually create small bitcoin scripts they’re called. That’s a computer program. Why are we calling that a commodity? That’s insane.”

Invest, Then Purchase

Notably, it was revealed during the discussion that Adam and Tim Draper who are well known Bitcoin supporters, had invested in Bitcoin firms before they purchased any Bitcoin. Tim invested in CoinLabs, while Adam was one of the pioneering investors of Coinbase.

Bitcoin’s price is $57,344.31 BTC/USD exchange rate today. The real-time BTC market cap of $1.07 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $27.89 Billion and live coin value change of BTC -2.62 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$57,344.3079 change ~ -2.62%

Coin Market Cap

$1.07 Trillion

24 Hour Volume

$27.89 Billion

24 Hour VWAP

$58.48 K

24 Hour Change


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