After a nearly 20% surge last week, Bitcoin’s weekly candle on Sunday evening closed decisively green at $8,900.
This marked the seventh consecutive weekly gain for BTC, which has posted stellar performances ever since the mid-March capitulation lows.
Although the seven consecutive weeks may mean nothing to readers, it is a strong technical occurrence that may signal that even more upside is on the table for the months ahead.
Bitcoin Could Be at Start of Next Macro Rally
Zack Voell, a market analyst at CoinDesk, recently noted that Bitcoin closing its seventh consecutive weekly gain hasn’t happened since April 2019, when the last bear market ended.
This would suggest that should history repeat itself, the cryptocurrency is on the verge of yet another bull run.
Chart from @Zackvoell (Twitter)
Adding credence to the idea that Bitcoin is on the verge of a bull run is the fact that eight days away is the block reward halving, estimates suggest.
Some are under the belief that the halving may actually cause a crypto sell-off, but there is growing evidence to think that this is not the case. Namely, there is a Google Trends and an anecdotal correlation between the Bitcoin halving and the public’s propensity to buy BTC.
Once the halving comes to pass, the number of coins issued per day will be cut in half, decreasing the amount of Bitcoin supply on the market. Couple this with a positive demand shock and prices should theoretically increase over time, but maybe not instantly.
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This Trend Should Be Followed By More Gains
According to an in-depth analysis of Bitcoin’s consecutive weekly candles by a prominent cryptocurrency chartist and technician, last week’s rally suggests BTC should post gains this week too.
His study suggested that when the crypto has registered seven weeks of consecutive gains, there has always been a rally in the eighth week. The following message was shared to his Telegram channel on the matter:
“We are currently at 7 consecutive green weeks. We’ve never stopped at 7 before. We have stopped at 8 three times.”
This optimistic outlook can be corroborated by more traditional technical trends.
As reported by NewsBTC previously, one well-known trader remarked that there is a strong confluence of reasons to be short to medium-term bullish on Bitcoin at the moment.
The confluence of reasons, which some would dub a “perfect storm,” is as follows:
The funding rate on BitMEX, which is the amount longs pay short, and the premium index, the difference people pay for Bitcoin on BitMEX vs. BTC’s index price, are “still negative.” This suggests longs are not yet overleveraged.
Bitcoin is trading above the yearly volume-weighted average price.
BTC is above the 200-day moving average.
The one-day Ichimoku Cloud has flipped bullish.
Related Reading: Every Time Bitcoin Flashed This Signal Since 2015, a Boom Followed. It’s Back
Featured Image from Unsplash origin »
Last night at 8PM eastern standard time, Bitcoin price closed its weekly candle at roughly $9,325. While the close marked yet another week of failed attempts to break above $10,000, it also marked the first retest of the Ichimoku indicator Kumo, or “cloud.
By CCN: Litecoin price (LTC) rose above $100 Friday for the first time in eight days, a move that marked the asset’s likelihood of retesting its 2019 high at $107. 60. The world’s fifth largest cryptocurrency by market valuation bounced to 100.
With Bitcoin price having made such impressive gains so far in 2019, let’s take a look to see what is likely to happen next. Bitcoin Price: Weekly Chart Bitcoin price closed the week at $5162 having established new 2019 highs at $5478.
The Dow Jones Industrial Average rallied on Friday to rescue its nine-week winning streak, and the US stock market bellwether further crossed another milestone by edging across the 26,000 mark minutes prior to the closing bell.
After weeks of consolidation, bitcoin finally broke through support. The market now finds itself cruising toward prior lows. On expanding volume and spread, the bitcoin market appears ripe for a continuation of the downtrend:Figure 1: BTC-USD, Daily Candles, Broken SupportAlthough the current daily candle has yet to close, unless there is a strong influx of demand hitting the market, it stands to reason that bitcoin will be closing a new daily low for the first time since mid-December.
Total crypto market cap rose to $127 billion since our last report a week ago as ether and bitcoin cash were the biggest gainers during that period overshadowing the modest price increase for bitcoin, XRP, and EOS.
After the market surged over the weekend, HODLers of XRP were slightly shocked as they were carrying the third biggest digital currency with them. When the surge peaked, the coin was reflecting a growth of over 10%, on par with the biggest gainer in the market, Ethereum.
As the weekend is strolling closer which marked days of great bull-runs recently, crypto-verse market prices are stepping in the positive gaining trend. For the last 24-hours most leading coins are experiencing increase in value against the US Dollar.
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