As it turns out, April is a very positive month for the encryption market. Bitcoin can hold the $5,000 mark without any significant selling pressure, which makes the overall market sentiment slightly improved. Many investors are optimistic. Bitcoin will rise further in the near future.
The monthly closing price of Bitcoin in April is similar to that in October 2015 (following a bull market).
In a week, bitcoin prices closed at a low of $5,100 due to significant bad news from Bitfinex deceiving investors. In the past few years, a news conference like this caused a major panic that caused the market price to fall, but this time Bitcoin only fell 10% after the news spread widely, and then continued to climb to more than 5,600 US dollars as the market resumed. At the high point, most of the losses have been recovered. This shows that Bitcoin is more wear-resistant and stable, and the high price of a month can be explained.
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In addition, in addition to appearing more and more powerful from the fundamentals, Bitcoin also has a green monthly candle, which can be seen as a signal of rising. This is the first time the BTC has broken the resistance on the monthly line and has stabilized this position. We got the support signal that the market may take off with this position, which makes most investors start to have bullish confidence.
The trend of Bitcoin is similar to that of 2015:
Since the closing price seems to be extremely bearish this month, there has been a lot of discussion about the next potential bull market. There is a significant similarity between the closing price of Bitcoin in April 2019 and the closing price in October 2015, which raises the conjecture and will not It will be a huge parabolic bull market.
(October 2015 market chart)
(April 2019 market chart)
Observing the structural similarity of the monthly candles in October 2015 and April 2019, October 2015 was the beginning of the most important bull market in BTC history, with prices rising by 6500% in two years. Another similar bull market forecast, by the end of 2021, BTC will exceed the previous high.
If the next bull market reflects the situation in 2015 (which will require a large capital inflow), capital inflows from companies and institutions are needed, that is, the market we have repeatedly mentioned is becoming more active, the stock funds are increasing, and the activity of digital currency is increased. The bull market is naturally expected.
Driven by the XRP, the market began to oscillate and return to the $5,400 position. At the same time, USDT has recently experienced a crisis of trust, which has also led to the increase in the price of USDT by BTC. Investors seeking to hedge have also indirectly boosted the price of the market. Back to the disk, the amount can not support the upward, the indicator also began to level, indicating that the power of the bulls is difficult to maintain for too long. There is a divergence status, so there is a risk of a correction in the short term. It is recommended to pay attention to whether the key position of $5,450 can be broken and then intervene.
Support level: $5,270, pressure: $5,450
ETH follows the rebound, and the 4-hour chart continues to rise along the moving average, so it is difficult to break through multiple pressures. This also illustrates the lack of funds in the market. There is no positive fundamentals to support the ETH upside, but the risk signal of direct decline has not appeared. The direction of the market is not clear enough, it is recommended to wait and see.
Support level: $158, pressure: $165
EOS stepped out of the downward trend and broke the 5-day moving average resistance. The moving average and the MACD line began to tighten and have a head-turn trend. In the short-term, they will fluctuate upwards and continue to pay attention to whether an effective breakthrough can be made against the resistance of the US$5.
As mentioned above, BCH chose to rebound on the MA50 daily average support, changing the downward trend of the market, and the mid-segment adjustment market encountered a turnaround. The indicator form begins to change heads upwards, and operations can be intervened in batches.
Support level: $260, pressure: $290
The upswing did not last long, and the short-term will continue to be dominated by shocks in the short-term. If the position of 0.3 USD is stable, it will be able to step on it.
LTC also stopped the downside route in the middle position and the indicator pattern also began to be active. Whether the amount of attention can release the matching long forward, after breaking the resistance level, the trend will continue to strengthen later.
Support level: 70 USD, pressure position: 76 USD
(Author: Soochow currency say)
This article represents only the author's personal opinion and does not represent Babbitt's investment advice.
The currency market is risky and requires caution when entering the market.