Bitcoin (BTC) Could Spike To $5,600 If Litecoin’s Trend Is Followed

Bitcoin (BTC) Could Spike To $5,600 If Litecoin’s Trend Is Followed
фото показано с : ethereumworldnews.com

2019-4-30 07:02

Investors Flip Bullish on Bitcoin as $5,200 is Held

For some reason or another, as Bitcoin (BTC) has held at $5,200 for days on end after the Bitfinex and Tether news broke, investors have begun to flip bullish on cryptocurrencies yet again.

In a recent tweet, JaminXBT, a lesser-known yet still astute trader, noted that there is a “hidden bullish divergence” on Bitcoin’s daily chart, which looks near identical to Litecoin’s chart from a few weeks back. A bullish divergence, in the context of Jamin’s analysis, is when prices head higher but the Relative Strength Index (RSI) reading drops.

If Bitcoin follows the precedent set by Litecoin weeks back, BTC will soon trend higher, potentially past its $5,600 local top it hit last week, as the bullish divergence bites the dust.

$BTC Hidden bullish divergence on the daily.
Trend continuation.$LTC similar continuation pattern for comparison.
I'm remaining a BTC bull for now! pic.twitter.com/3ZbZ3a6x0s

— JaminXBT (@JaminXBT) April 28, 2019

While this may seem like baseless conjecture and speculation, his analysis was corroborated by Credible Crypto and Benjamin Blunts, two popular analysts and commentators. But this isn’t the only technical indicator hinting that BTC may be in for a rally, despite underlying fears about the legitimacy of Tether.

As a trader going by the moniker “The Wolf Of All Streets” points out, the Tether imbroglio hasn’t done much to hurt the ascending channel that Bitcoin is trading in. In fact, BTC is still trading within the structure to a tee, indicating that if all pans out, a slow trend higher is entirely possible in the coming weeks.

$BTC

Everyone is focused on the pattern forming at the bottom of the last drop. Zoom out a bit to the daily. pic.twitter.com/wkzyuGBTeh

— The Wolf Of All Streets (@scottmelker) April 29, 2019

Speaking of bullish chart structures, Bitcoin’s six-hour chart on Binance is currently showing signs of an ascending triangle, meaning that BTC could retest $5,500 in the coming days, and potentially even break past.

$BTC higher time frame ascending triangle still in tact

– Clean bounce off the support trend line

– Expecting a retest of the resistance at 5500 pic.twitter.com/wMzELB36Mi

— Satoshi Flipper (@SatoshiFlipper) April 29, 2019

Fundamentals too are looking overwhelmingly bullish for Bitcoin. Earlier today, Ethereum World News reported that Bakkt, Wall Street’s crypto exchange darling, finally unveiled the deets about its custody offering, which will be integral for its proposed cryptocurrency futures contract. We also mentioned that to further bolster its custody solution, Bakkt has acquired Digital Asset Custody Company (DACC), and brings on its “native support of 13 blockchains and 100+ assets.”

In the same realm of news, the Chicago Mercantile Exchange’s in-house Bitcoin futures contract has set volumes records in early-2019, as reports suggest that similar products from Bakkt (the Intercontinental Exchange) and Nasdaq are on the horizon. Aside from futures, spot trading for a wider audience also seems to be on a horizon. As this outlet has reported over recent days, both E*Trade and TD Ameritrade, two prominent America-centric retail brokerages, may soon offer trading support for assets like Bitcoin, Ethereum, and Litecoin in-house. And on the institutional side part of the equation, Fidelity has entered the fray, opening the door for big names in investment to hold their digital assets with trusted custodians.

The (Short-Term) Bear Argument

Funnily enough, however, some have managed to remain bearish on digital assets in the short-term. Per a recent report from Bloomberg, the GTI Vera Convergence Divergence indicator, which signals trend reversals, just issued a “sell” signal. As the outlet explains, “the shift could suggest further downside may be ahead as the coin flirts with its highest levels of the year.”

Continuing this narrative, Bloomberg asserted that the fact that Bitcoin hit its 0.618 Fibonacci Retracement resistance level, and quickly “ricocheted lower” is a sign that bulls are yet to be in full control.

Title Image Courtesy of Alexandru Tudorache Via Unsplash

The post Bitcoin (BTC) Could Spike To $5,600 If Litecoin’s Trend Is Followed appeared first on Ethereum World News.

origin »

Bitcoin (BTC) на Currencies.ru

$ 96628.02 (+0.57%)
Объем 24H $38.476b
Изменеия 24h: -0.93 %, 7d: 0.03 %
Cегодня L: $96228.16 - H: $96628.02
Капитализация $1915.536b Rank 1
Цена в час новости $ 5236.18 (1745.39%)

bitcoin btc spike held investors 200 litecoin

bitcoin btc → Результатов: 126


Bitcoin Market Dominance Faces a Challenge as This AI Altcoin is Set for 22,000% Gains

Many were left stunned after seeing Bitcoin (BTC) achieve milestone upon milestone but witnessing altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA) fail to pump by a meaningful amount. Now, after three straight months of Bitcoin (BTC) dominance, it seems the altcoin market is ready to push back with a major inflow of investments [...]

2025-2-12 02:00


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51


Фото:

El Salvador rings in Christmas 2024 with a Bitcoin twist

El Salvador continues to showcase its unwavering commitment to Bitcoin, doubling down on its cryptocurrency strategy despite stringent restrictions imposed by the International Monetary Fund (IMF). On 19 December 2024, the country purchased an additional 11 Bitcoin (BTC), valued at over $1 million, pushing its total reserves to nearly 6,000 BTC. This comes on the […]

2024-12-24 17:26


Фото:

Bitcoin Rally Set To Extend? Expert Foresees A $110,000 Price Target For BTC

The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]

2024-12-17 17:30