HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Price Skyrockets to $8k, Is this the Beginning of the Halving Bull Run?

Bitcoin 2020/04/29 13:44 by Lorenzo Stroe
Bitcoin Price Skyrockets to $8k, is this the beginning of the Halving Bull Run?

Bitcoin is currently trading at around $8,140 after a huge break above $7,792 and eventually $8,000 with a lot of continuation. The bulls have managed to break through a crucial resistance level and if they manage to close the day above $8,000, they will remain gratified.

BTCUSD Chart Via TradingView

Surprisingly, there hasn’t been a spike in trading volume but the day has just started. The bulls are now looking at basically no resistance until $9,000. The daily RSI is on the verge of a cross to the overbought zone, however, considering the momentum of the bulls, it’s unlikely that this indicator will play an important role in the near future.

Is The Halving Bull Run Finally Here?

It’s clear at this point that Bitcoin and the entire crypto market have recovered far better than the traditional stock market which is still trading sideways. Bitcoin has decoupled from the S&P500 and it’s currently trading at levels seen before the crash.

BTCUSDT Chart By TradingView

Obviously, the daily chart is in a strong uptrend but what about the longer time frames? Let’s look at the weekly chart for a moment. Clearly, the bulls are in control but have not changed the weekly downtrend just yet. At this point, we have seen 7 weeks of positive gains for Bitcoin but the bulls still need to break above $10,500 to change the trend.

The alternative is to set a lower high followed by a higher low compared to the bottom at $3,700. In the weekly chart, it is very clear how the trading volume has decreased over the past 8 weeks. 

A crucial indicator here is the MACD which is on the verge of a bullish cross, the last bull cross propelled Bitcoin up to $10,500. The RSI is only at around 50 points and the EMAs are starting to look for a bull cross within the next few weeks. Bitcoin is currently trading above both the 12 and 26-period EMAs.

The monthly chart is fairly similar and definitely in favor of the bulls right now even though it is still in a downtrend. The MACD here is not a very good indicator and seems to be lagging a lot. The RSI is currently at 53 points but it’s unlikely to play an important factor until months ahead.

0 Like(s)



You should also read...

Bitcoin 07/12/19 13:11 by Lorenzo Stroe
Major Bitcoin Price Indicator Flips Bearish but Yearly Return Still at 100%
The price of Bitcoin has been quite indecisive for the past 3 days as the bulls are currently trying to set a daily higher low. The bulls have experienced two fakeouts already, however, the bears are...
Read More
Bitcoin 13/07/20 00:00 by Cole Petersen
Bitcoin Faces Brutal Rejection Near $9,400; Why Traders Remain Bullish
Bitcoin faced a brutal rejection at just below $9,400 earlier this morning. This caused the cryptocurrency’s price to reel lower, and bulls are now attempting to defend a crucial support level. BTC�...
Read More
Bitcoin 13/07/20 18:00 by Cole Petersen
This Overhead Liquidity Region Could Propel Bitcoin Past $12,000
Bitcoin’s unrelenting consolidation phase may not last for too much longer. Analysts are now explaining that the cryptocurrency is beginning to flash some subtle signs of bullishness as it trades ar...
Read More
Bitcoin 21/07/20 05:58 by Aayush Jindal
This Technical Pattern Suggests Bitcoin’s $9K Deadlock Could Be Over Soon
Bitcoin is trading above the $9,150 support against the US Dollar. BTC seems to be preparing for a major increase if it succeeds in clearing the $9,200 resistance zone. Bitcoin is still struggling to...
Read More
Bitcoin 28/11/20 19:15 by Cole Petersen
Here are the Crucial Levels Bitcoin Must Break to See an Explosive Move Higher
Bitcoin has seen a strong move higher throughout the past day, with bulls aiming at reversing the recent market-wide selloff as the cryptocurrency begins pushing higher. Where it trends next will like...
Read More