the , Today, 3. May, could increase the price of Bitcoin to over 5,700 US Dollar and a new high for the year. On Bitfinex, the price could even increase over the 6,000-US-Dollar-limit. In search of reasons and forecasts.
Dr. Philipp Giese
3. May 2019BTC$for 5794,00 6.44%part Facebook Twitter LinkedIn xing mail
then was fulfilled the rather bearish forecast for the last Altcoin-market analysis contrary to the bullish scenario yesterday’s rate analysis: The price of Bitcoin has increased since the Morning of 5,400 US dollars and is aware of current only in one direction: upward. In this upward movement, the previous year was outbid high of 2019. Currently, the course moves over 5,700 US dollars. Thus, the price of Bitcoin will dare again for a Retest of the since the end of November 2018, existing Plateau defined Resistance.
On Bitfinex, it is even more extreme: this controversial stock market, the bulls pushed the Bitcoin price above the 6000 US Dollar mark. The referred to Resistance is on this exchange. The next Resistance is the long sideways phase, between September and November 2018.
this Is the hoped-for bull market? Certainly the News to Bakkt, as well as the investment behavior of the spin-off of the Intercontinental Exchange can have a positive impact on the market. Critical voices suspect, however, the uncertainties on Bitfinex as the reason. Many investors want to pull off of this is a problem-plagued exchange your Bitcoin Funds, so for those who want to buy Bitcoin, a shortage of supply arises. This increased demand pushes up, so the bearish hypothesis, the price upward, which, in turn, on other stock exchanges an impact.
Bearish divergence in the Bitcoin price can Pullback suspect…
The search for fundamental reasons, it resembles more of a search for the proverbial needle in the haystack. Visible – though also with caution, since the signals in the Chart. What can be said, therefore, with a view on the Daily Chart?
Even if the current development is positive, the medium-term forecast for a neutral to bearish : Sure, the Aroon Up indicator to increase at the current rate explosion, similarly, the moving averages of the last 50 or 200 days (orange and green) could form a Golden cross. RSI and MACD to decline, however, and together with the since the beginning of April, rising upward trend a bearish divergence. The course should fall under of 4,899,01 US Dollar, is broken in the currently followed down the channel for good.
if Anyone would like to ride along, despite the slightly bearish signals on the current upward movement, should set his Stop Loss there. A first possible Target is 6.201,US $ 23. Moreover, As we will see below, it may be this bearish Sentiment to the announcement of a temporary course correction and not to the search for a new ground.
bull market? Different indicators have different ways
What is long term to say? On the one hand, the Delta-capitalization and the DVAV right Ratio here is still something critical: it is still well above two, and thus on the values announced in the last Bitcoin-market cycles, the end of the bear market:
time will tell whether this is a new Narrative forms. Who knows, maybe the bottom of the DVAV Ratio is formed in this cycle at a significantly higher Level than in previous market cycles.
technically, anyway, everything looks quite bullish:
in the long term, the overall situation looks much rosier. A course on the moving average values of the last 20 or 150 weeks, a rising RSI and a high Aroon Up indicator and positive MACD votes extremely bullish . Especially the last indicator is interesting is the MACD in the weekly chart for the first Time since the end of 2018 bullish. We compare the Situation with August 2015, you could interpret this as the beginning of the bull market.
Disclaimer: The information on this page is the illustrated rate estimates do not constitute buy or sell recommendations. They are merely an assessment of the analysts.
the chart images on the Basis of the data of bitstamp.com
USD/EUR exchange rate at the time of writing: 0,89 Euro.
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