During the recent hours, Bitcoin finally overcame the previous high at $9400 towards its current yearly high above $9600, as of writing this. It seems like the road to 5-digits $10K is closer than ever in 2019.
Just yesterday, we mentioned that Bitcoin is facing a sharp move, following odd days of relative price consolidation.
After its fascinating recovery during the first months of 2019, and with the recent hype amid Libra’s announcement, it felt like it’s a matter of time until we see Bitcoin’s new high of 2019 and the highest since over a year.
Total Market Cap: $293 Billion
Bitcoin Market Cap: $169.6 Billion
BTC Dominance: 57.8%
Looking at the 1-day & 4-hour charts
Following the breakout of the previous high at $9400, Bitcoin reached exactly the mentioned resistance area at $9600 – $9700 and stopped there, as of writing this. In case the last breaks up, the $10,000 target is the next major resistance and will likely to be reached quickly. Further targets are the resistance levels at $10,200 (daily chart’s upper ascending line, marked in orange), $10,600 and the $11,000 area.
From below, the closest support area now lies at the resistance turned support level of $9400. In case Bitcoin tests the last and confirms it as support, it will become a very bullish sign.
If $9400 Breaks down, the next support zone lies at $9000 – $9100. Further below is the $8800, along with the daily chart’s lower ascending trend-line (marked in orange). Further below lies $8600 (along with the 4-hour chart’s MA-50, marked in purple), before reaching $8400, $8200 – $8250 and $8100.
– Trading Volume: The volume is still not significant. To get a confirmation for the breakout, the bulls will need to produce some buyers’ volume.
– Daily chart’s RSI: The RSI encounters the 70 resistance, which is also this week’s highest RSI level. The Stochastic RSI oscillator had gone through a crossover to the bearish side in the overbought territory but still under bullish conditions.
– BitFinex open short positions: As expected, the open short positions are gaining momentum along with the rising Bitcoin. There are now 26.7 K BTC of open short positions.
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
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