Market Overview

Bitcoin Surging Above $5,200

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Bitcoin Surging Above $5,200
  • BTC/USD dipped from a high almost touching $5,200 only to find balance at $4,950.
  • Bitcoin sentimental and technical levels are still positive.
  • Bitcoin is shaking the ground that gold has been sitting on for years.
  • The surge in April 2019 has increase investors’ confidence and optimism of bull rally.

Bitcoin re-entered the broke broken channel support yesterday following the sudden brief surge from $5,000. Prior to the bullish move, BTC/USD had dipped from a high almost touching $5,200 only to find balance at $4,950. As discussed in an earlier published article, BTC/USD spiked upwards following a break past the 50 simple moving average (SMA) 1-hour and the 100 SMA 1-hour.

At press time, Bitcoin sentimental and technical levels are still positive in spite of the correction from the intraday high around $5,274.53. The relative strength index (RSI) is moving into the overbought to show that the bulls are in control. A growing bullish momentum is likely to break past the ascending trendline resistance, a move that could extend the gains to $5,300 and eventually $5,400.

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Clem Chambers, a renowned Forbes contributor in his recent articles said that Bitcoin is shaking the ground that gold has been sitting on for years. Chambers predicts that the crypto market has come to the end of the crypto winter.

The analyst says that while gold has been used as a hedging asset for many years, many investors are discovering a new player and that is Bitcoin. According to Google Trends Bitcoin interest continues to grow although, it still lags behind the levels achieved in 2017. Moreover, the surge in April 2019 has increase investors’ confidence and optimism of bull rally in the nearest future. According to Chambers $6,000 is an “easy target” for BTC, however, $10,000 is impossible in 2019.

Image sourced from Pixabay

Posted-In: BitcoinCryptocurrency News Eurozone Forex Global Markets General

 

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