Bitcoin Price Sees First ‘Golden Crossover’ Since 2015

View Bitcoin’s daily chart is reporting a “golden crossover” – a bull cross of the 50- and 200-day moving averages – for the first time since October 2015. The crossover represents a long-term bearish-to-bullish trend change. A convincing close today above $5,466 (April 10 high) would establish another bullish higher high and boost the prospects of a rally to $6,000. That rally, however, may be preceded by consolidation or price pullback, as the golden crossover is accompanied by the overbought readings on the relative strength index and a neutral long/short…

This Price Hurdle May Pave Way for Bitcoin’s Next Leg Up

View Bitcoin’s rally from April 2 lows below $4,200 has stalled near the three-day chart’s 100-candle moving average (MA), currently at $5,238. A three-day close (UTC) above that MA level could invite buying pressure, leading to a sustained move higher toward $5,500 and more. That bullish close, however, looks unlikely in the short-term, as the cryptocurrency has created a bearish candle on the daily chart, validating signs of bull exhaustion (doji candle) on the weekly chart. A UTC close below $4,948 today would add credence to yesterday’s bearish candle, opening…

The Bigger Picture Behind Bitcoin’s Latest Price Rebound

Bitcoin’s out-of-the-blue bounce over the $5,000 mark this month has prompted some predictable pontificating from price-obsessed people within and outside the cryptocurrency community. Investors who are long-cryptocurrencies have gleefully pronounced that the Crypto Winter, which began when bitcoin’s bubble burst at the end of 2017, is now mercifully over. The most optimistic are forecasting a rerun of bitcoin’s fall 2015 bounce from its prior post-bubble collapse, which sent it not only back above its 2013 high of $1,150 but all the way to a December 2017 peak of $19,500. At…

The Media’s Cringeworthy Coverage of Bitcoin’s Latest Price Surge

Mainstream news coverage of cryptocurrency is often disingenuous or factually incorrect – that’s certainly no surprise given the nascent technology is widely misunderstood. But if one would have thought that recent milestones – bitcoin’s 10th anniversary, the arrival of crypto projects from the likes of JP Morgan and Facebook – would have encouraged the media to get smarter, this week’s news shows attitudes at major publishers haven’t changed much. This is especially true during times of heavy market activity like that of bitcoin’s April 2 breakout, which saw its price rise…

The Biggest Winners from April’s Early Crypto Market Rebound

Bitcoin and the rest of the cryptocurrency market have started Q2 off with an emphatic bang, having at one point increased the market’s total capitalization by nearly $40 billion since the beginning of April. Indeed, bitcoin led the market-wide charge on April 2, surging over 20 percent in a single hour – a move that had since extended to a 136 day of $5,304 yesterday, according to data from CoinDesk’s price data. A common byproduct of a rallying bitcoin, however, is diminished returns of the BTC denominated trading pairs of…

Bitcoin Faces Price Pullback Amid Extremely Overbought Conditions

View Bitcoin’s quick drop from a 4.5-month high of $5,345 to levels below $5,000 validates the extremely overbought readings on the 14-day relative strength index. BTC could consolidate around $5,000 with a negative bias over the next day or two. A pullback back to key support levels at $4,672 and $4,565 (200-hour MA) can’t be ruled out. The longer-term outlook will remain bullish as long as bitcoin’s price holds above the former resistance-turned-support of $4,236. Bitcoin (BTC) could be in for a minor price pullback as the RSI is showing…

3 Reasons Bitcon’s Price Suddenly Surged Back to $5K

The crypto market sprang back to life with bitcoin’s surge to 4.5-month highs yesterday. But why? The leading cryptocurrency by market value jumped nearly $1,000 to $5,080 in a sixty-minute window early on Tuesday, confirming a transition from a bear market to a bull market. While the bullish breakout is a welcome development following a year-long bear market, many traders are still unsure of what suddenly drove prices higher. However, a big move was overdue, as bitcoin’s average daily trading range had slipped to two-year lows in March. An extended…

Bitcoin’s Price Rises Above Major Moving Averages In First Since 2018

Bitcoin’s price emerged above three major moving averages for the first time in nearly 15 months on Tuesday. The development is a byproduct of the cryptocurrency’s surge above $5,000 during Tuesday’s trading session, representing an increase in excess of 20 percent. A moving average (MA), when used in financial analysis, is simply a continuously calculated average of a certain economic factor like price or trading volume over a specified period of time. The moving average is particularly useful for smoothing out short-term fluctuations in the data set to identify the…

Sudden Bitcoin Price Breakout Sets New Bull Target at Over $5K

View With bitcoin’s move today to 4.5-month highs near $5,080, the transition from bear to bull market appears done and dusted. The trend change would gain credence, though, if and when BTC finds acceptance above the former support-turned-resistance of the 21-month exponential moving average (EMA), currently at $5,200. The cryptocurrency is looking overbought as per the 14-day relative strength index, so prices may have a tough time breaking above $5,200 in the near-term. Bitcoin could see a pullback to $4,400 if signs of bullish exhaustion increase in the next few…

Alt Season? Over 100 Crypto Assets Outperform Bitcoin in Q1 Surge

The first quarter of 2019 was a breath of fresh air for the cryptocurrency market, having recorded its first quarterly increase in overall network valuations since the fourth quarter of 2017. Interestingly, however, bitcoin is among the least significant price gainers so far this year while still flashing a noteworthy Q1 increase of 10 percent. What this means is that a sizable portion of the market’s recent growth came from the many other cryptocurrencies trading on exchanges today.  In fact, data from analytics provider Messari reveals that 118 cryptos increased…