Despite experiencing a huge 17% move to the upside more than 3 weeks ago, Bitcoin’s momentum still hasn’t run out as the so-called “King of cryptos” continues a strong bullish trend — hitting its 2019 high of $5,647.
Despite the fact the RSI has been extended throughout these last 3 weeks, Bitcoin doesn’t appear to be slowing down. However, some consolidation wouldn’t hurt at this point, and will likely occur in the coming weeks.
It is quite clear at this point that Bitcoin has broken free from its long-term downtrend and finally changed the weekly trend for the first time in well over a year.
As you can see in the above chart, the last higher low was at $4977, so we can expect some extremely strong resistance at that level, with a strong resistance forming around $5,000.
It is likely that we will see some consolidation and potentially a test of the $5,000 higher low at some point during this week, though this is not a guarantee. Clearly, the uptrend is stronger than many expected, which may lead to $6,000 being tested in the near future, though this remains unlikely until the RSI is restored.
📢📢📢 Finally, the GOLDEN CROSS in #Bitcoin / daily chart 🥳
— Kwontik (@Kwontik) April 23, 2019
Bullish tweets and memes are back and the ‘’golden cross’’ is indeed a great sign but doesn’t necessarily indicate that bitcoin will continue to climb. That being said, we at Whaleagent are optimistic that $6,000 is well within reach for the short-term.
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