View Bitcoin has printed a 5.5-month high of $5,714 today, reinforcing the bullish view put forward by the cryptocurrency's recent bounce from the 30-day moving average and April's bullish close above the 21-month exponential moving average.
A failure to secure a weekly close above the 50-week moving average, currently at $5,418, could invite profit taking, yielding a fall back to $5,000.
Bitcoin's price hit 5.5-month highs above $5,700 soon before press time, bolstering both short- and long-term bullish views.
The cryptocurrency market leader rose to $5,714 at 08:340 UTC, the highest level since Nov. 18, according to CoinDesk's Bitcoin Price Index.
Further, it validates April's bullish close above the former support-turned-resistance of the 21-month exponential moving average of the price.
As seen above, the 30-day MA has lived up to its reputation of being strong support by reversing the price pullback from highs above $5,600 to $5,000.
With the bounce, the relative strength index seems to have found acceptance above the descending trendline, representing a bearish divergence confirmed on April 24.
BTC could close well above the April 23 high of $5,627 today, further strengthening the case for a rally to $6,000.
Confirmation of the breakout is needed in the form of a close above $5,418 on Sunday.
The case for a pullback to levels below $5,000 would strengthen if the buyers fail to keep prices above the key average for the second week.
Bitcoin Price Spikes to Fresh 5-Month Highs Above $5,700
pubblicato su May 3, 2019
by Coindesk | pubblicato su Coinage
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