Bitcoin could reach 9000$ in April, why?
Bitcoin witnessed both massive drop and surge in last month, the Bitcoin price dropped by 58% from 9200$ to 3800$ Last month, but later quickly recovered by 66% and closed the last month's candle above 6400$.
The massive crash happened on 12th March when the World Health Organization declared Coronavirus a Global Pandemic. Bitcoin recovered quickly on the next day from 3800$ and witnessed a short rally to 7000$ for the next two weeks.
Bitcoin had entered into a fresh month, and Bitcoin halving is closer than ever. Bitcoin halving is scheduled to take place in 42 days.
Bitcoin Network hashrate is now valued at close to 110,000,000 TH/S and network value has been increased by 45% since its recent low from 77,000,000 TH/S. Bitcoin miners will continue mining, and we can expect a further rise in network hashrate because of upcoming halving.
https://www.tradingview.com/x/SEoGRqR1/
- Daily chart looks bearish, We can spot a descending triangle formation, which is a bearish triangle pattern, triggers an average 15-20% sell-off.
- We expect Bitcoin to break down from 5800$ support, and retest 5000-5300$ area before any significant bounce on the daily timeframe.
On the Monthly chart, Bitcoin managed to close the last month above 50MA, but 21MA remained as resistance.
We expect a bullish retest of 50MA, which is at 5000-5200$ price level before any significant bounce to the upside.
Bitcoin has filled almost every CME price gap last month, but only one large price gap is yet to be filled. There is a 900$ price gap from 6th March at 8300-9200$ which is not filled by bitcoin price yet. Historically Bitcoin had filled most of the CME Price gaps by far, so we can expect bitcoin to fill 9000$ price gap this month.
Trade Signal
Action: LONG
Entries: 4500$- 5500$
Exit: 8000-9000$
Stop: 4000$
The massive crash happened on 12th March when the World Health Organization declared Coronavirus a Global Pandemic. Bitcoin recovered quickly on the next day from 3800$ and witnessed a short rally to 7000$ for the next two weeks.
Bitcoin had entered into a fresh month, and Bitcoin halving is closer than ever. Bitcoin halving is scheduled to take place in 42 days.
Bitcoin Network hashrate is now valued at close to 110,000,000 TH/S and network value has been increased by 45% since its recent low from 77,000,000 TH/S. Bitcoin miners will continue mining, and we can expect a further rise in network hashrate because of upcoming halving.
https://www.tradingview.com/x/SEoGRqR1/
- Daily chart looks bearish, We can spot a descending triangle formation, which is a bearish triangle pattern, triggers an average 15-20% sell-off.
- We expect Bitcoin to break down from 5800$ support, and retest 5000-5300$ area before any significant bounce on the daily timeframe.
On the Monthly chart, Bitcoin managed to close the last month above 50MA, but 21MA remained as resistance.
We expect a bullish retest of 50MA, which is at 5000-5200$ price level before any significant bounce to the upside.
Bitcoin has filled almost every CME price gap last month, but only one large price gap is yet to be filled. There is a 900$ price gap from 6th March at 8300-9200$ which is not filled by bitcoin price yet. Historically Bitcoin had filled most of the CME Price gaps by far, so we can expect bitcoin to fill 9000$ price gap this month.
Trade Signal
Action: LONG
Entries: 4500$- 5500$
Exit: 8000-9000$
Stop: 4000$
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