Bitcoin has shown a massive price jump. In just a few minutes, the king of cryptocurrencies rose from $ 4,200 to $ 4,800. That's nearly 20% growth.
For four months, Bitcoin has been unable to breach the resistance level of $ 4,200. This morning, Bitcoin clearly broke the mark.
Is the Bitcoin bear trend over?
Already in the last week, economist and trader Alex Krüger commented on Bitcoin on Twitter. He wrote:
“The crypto bear market has been over for three months now. If BTC [Bitcoin] breaks $ 4,200, it means an end to bearish trend that began in January 2018. “
The crypto bear market has been over for three months now. $ BTC breaking above 4200 wants to mark the end of the bear trend that started in January 2018. Going to miss this big fellow. pic.twitter.com/nzsUhmDYXm
– Alex Krüger (@krugermacro) March 29, 2019
He then added some time later that it was not a forecast IN QUESTION. So it was said:
“This is not a call. No question of good or bad aging. A breach of $ 4,200 technically ends the bear trend that began in January 2018. Facts do not shy away from opinions. If it comes later to strong sales, that would indicate a different trend. “
Bitcoin showed a lot of momentum at its outbreak. The price immediately passed the other levels at 4,300 USD, 4,400 USD, 4,500 USD and 4,800 USD. Many analysts therefore expect Bitcoin to go up to $ 5,500 over the next few days.
When the resistance level broke at $ 4,200, it triggered a short squeeze on several major crypto exchanges. This term refers to a phenomenon in which many short sellers suddenly make cover purchases to limit their losses. Due to the jump in demand, the price goes up even further.
Can Bitcoin's price be higher?
Multiple traders go Assuming Bitcoin could fall back to 4,200 USD to 4,300 USD in the short term. However, a range of $ 5,000 to $ 5,500 is quite possible.
Thomas Lee of Fundstrat tweeted that Bitcoin is currently experiencing tailwind from a number of factors. Some of them were headwinds in 2018.
def a number of #macro factors acting as tailwinds for $ BTC. 2018
– Thomas Lee (@fundstrat) March 29, 2019
One analyst stated that Bitcoin is on its way to recovery old form. The only requirement is that it holds over $ 4,000. So it was said:
“That's why we've opened long positions for Bitcoin in recent months. We see Bitcoin positively, regardless of the price movements. OBV [“on-balance volume”, an indicator in the chart analysis] has found its support level close to $ 3,300 and continues to show an uptrend. If the trend breaks, we'll change our position. “
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/blitzmeldung-bitcoin-kurs-steigen-in-nur-minuten-um-20-auf-4-800-usd-ist-der-baerentrend- now-definitively-over /
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