Despite Deep Retracements, Bitcoin Recorded Higher Monthly Lows Each Time in 2019
- Bitcoin must break the last major area of 2019
- BTC remains in the bear zone as it runs into resistance at $10,800 daily s/r
- Q2 2019 has been the “second highest quarterly close ever” recorded by Bitcoin
- “This is just the beginning”
After making a bullish start of September, the Bitcoin price remains above $10,000. Currently, BTC/USD is trading at $10,424 with 24 hours loss of 2.30%, down from $10,770 hit yesterday.
This has the top 30 coins turning red as well, with Binance Coin in the lead by 4.13 percent losses followed by Monero (3.82%) and EOS (3.23%). The capitalization of the entire cryptocurrency market has also come down from $272 billion recorded on Sept. 3 to $265 billion, at the time of writing. Meanwhile, BTC dominance is going strong at 72.87%.
Bitcoin must Break the last Major Area of 2019
Bitcoin, however, is still trapped below monthly resistantly at $10,760. In order to break the trend and close a higher-high, crypto trader and investor Josh Rager says, we must break the last level present at $11,983.
This level, he notes is the last major area of supply and demand in 2019. It can be assumed that a close above would mean the price will reset yearly highs. Meanwhile, trader CryptoISO shares an interesting observation. The $6,000 false bottom range from June to November was about 160 days with two fake outs.
The $3,000 – $4,000 accumulation range from December 2018 to April 2019, was approximately 130 days.
The 6k false bottom range was ~160 days with two fake outs.
The 3-4k accumulation range was ~130 days.
The current range we are in minus a fake out (9 days) is 51 days.
The two consolidation periods on this run up lasted ~30 days.
— CryptoISO (@crypto_iso) September 4, 2019
Now, the current range we are in, minus the fake out of a duration of 9 days, is 51 days while the two consolidation periods on this short bull run lasted about 30 days.
By the look of this, Bitcoin remains in the bear zone as the flagship cryptocurrency ran into resistance at $10,800 daily support/resistance.
“This is just the beginning”
In 2019, Bitcoin surged well above 200 percent. But the constant, significant drop in BTC price in all of the last three months put a damper on the move to break a new all-time high (ATH).
However, despite these retracements, Bitcoin is much stronger. First, the second quarter of 2019 has been the “second highest quarterly close ever” recorded by Bitcoin at $10.7k. The highest close was in the Q4 of 2017 — during the bull run— at $14.16k.
Another interesting data is the higher lows put by Bitcoin in each month of 2019.
In January, BTC put the low at $3,401 and then at $3,399 in February. The lowest level hit by Bitcoin in March was $3,734. In subsequent months, we moved to a new first digit at $4,097 and $5,348 in April and May respectively.
In June, we jumped much higher and the lowest we went to was $7,583. Coming to July and August, it went further higher at $9,163 and $9,321 respectively. This analyst Murad Mahmudov says shows “how strong this bull will be.”
“This isn’t a few months of 2017 gamble mania anymore. This is a store of value in the making. This is just the beginning,” he added. This shows: “how strong this bull will be.”