Bitcoin is in a Super Bullish Pattern, But When is the Time to Go Nuts on a BTC Price Spike?
For the past four days, Bitcoin has been enjoying the greens as it crossed $3,900 level. The leading cryptocurrency has been trading at $3,948, at the time of writing, with 24-hours gains of 0.54 percent.
Bitcoin price, Source: TradingView
With a market cap of $69 billion, it is still the favourite digital asset among the people and institutions alike notwithstanding the fact that altcoins usually take a bigger spike when moving in tandem with Bitcoin.
The cryptocurrency market is still very much tied to the flagship cryptocurrency, following its upwards and downwards movement, though the percentage of gains and losses are usually of higher degree.
Currently, the green Bitcoin is giving off bullish signals with its daily trading volume surging as well, registering at $10.6 billion. Mati Greenspan, a senior analyst at eToro, a social trading platform noted the “super bullish pattern” formed by Bitcoin.
“Bitcoin displaying a very solid upward consolidation channel. Supper bullish pattern. With global exchange volumes holding well above $30 billion per day, I'm feeling really great about this rally. Happy altseason.”
However, the total market cap is still hovering around $130 billion since late February, currently registering at $134 billion.
As for Bitcoin price, where exactly we are heading? After breaking the $4k mark in late February, BTC is yet again trying to move past this level, however, it is still stuck at $3,900 and making its upward movement at a very sluggish speed.
The first level currently in sight for Bitcoin is $4,100 as the crypto trader and analyst, Credible Crypto shares,
“Gotta keep a level head here. If we can get past $3930 then $4100 is in sight, but let’s get past $3930 first.”
Though Bitcoin is waiting too long to make its move, if it does see an uptick to $4,100 then the next price range is going to be $4,300 and $4,500.
But as the crypto trader, The Crypto Dog points out, in the past as we start moving higher while being at a serious resistance, the prices broke down.
“We're at that awkward place in crypto price action where we're slowly trending higher, bullish enthusiasm is bubbling up, yet we are still at a serious resistance with no guarantees of breaking it. Over the past year, nearly every time this happened we broke down. Stay hedged.”
Until Bitcoin crosses $4,100 and start moving upwards from here, we can’t go nuts and as The Crypto Dog puts it, “No matter how bullish you are, you don't long resistance.”
So, if Bitcoin fails to go above and rather takes a hit, the next likely stop to the downwards would be around $3,450.
“Watching this in real time has been exciting. We broke higher but classic fakeout, quickly sold into, we now need to see if this unfolds as an abc or impulsive 5 wave decline. If the latter, next stop likely 3450.”