2019 is turning out to be quite a positive year for Bitcoin, is the crypto winter finally over? After hitting a low of $3,300 back in December, Bitcoin has been increasing in value ever since. The momentum and volume has been building little by little the past 5 months and today we hit a new all time high for 2019!
At the time of writing, Bitcoin is trading at $5754 having risen over $100 in the past hour alone and over $355 in the past 24 hours. Get excited because this is a new all time high for 2019! The good news is that we broke through the $5600 resistance level which we tested last week with no luck. At this point, all the eyes are on the charts to see if we can either reach $6000 or at least turn $5600 into support instead.
The two major roadblocks ahead for Bitcoin’s price are undoubtedly the $6000 psychological number and the $6300 level which held as support for over 6 months during the end of the bear market.
Looking at the technical indicators, the RSI is extremely oversold which is only natural for such a sudden jump. What’s surprising is that the market still hasn’t broken past the upper Bollinger Band signalling potential for further gains.
Another interesting fact about this breakout is the timing with the ongoing Bitfinex scandal. It would seem that the alleged $850 million cover-up would provide more bearish pressure to the market, but so far this has not been the case. This goes to show that Bitcoin and cryptocurrency have their cycles regardless of current events. While certain news can have an effect on the price of certain cryptocurrencies, they shouldn’t be used as a telltale sign of what’s about to come.
All eyes are currently on the charts to see how far this bullish momentum will take Bitcoin. Share you prediction by voting in the below poll that will be live for the next 5 hours:
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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