The current price of Bitcoin is $3594 (Bitmex pricing via Trading View), with 24 hour volume leveling around 6.4 billion USD. Bitcoin maintained the territory gained last Friday by consolidating in the $3575-3675 price range. Positive sentiment has been reverberated throughout the crypto community since $BTC ‘s ~11% gain on the 8th of February.
At this time, the Bravado team’s sentiment is becoming bullish. Our team recognizes a few indicators that suggest the market is moving in the right direction.
The highest volume single-day candle in 2019 now belongs to the bulls (February 8th). When we consider where this candle occurred, in what is almost certainly now considered a falling wedge (bullish price structure) charting pattern, we can presume Bitcoin bulls were happy to step in, once again, in the low 3k’s.
Higher time frame analysis for Bitcoin’s MACD is printing bullish crossovers on nearly every time frame from 12hr or greater. Even the weekly MACD is attempting a crossover. The weekly MACD hasn’t successfully crossed bullish since October of 2016 when the price of Bitcoin was ~$700.
3. First Interaction with 50-day MA (D)
Bitcoin’s price interacted (February 8th, @ $3725) with the 50-day moving average for the first time since January 8th, 2018. Although $BTC was rejected on its first attempt to crack the 50-day MA, the corn has consolidated there and appear to be gearing up for another run.
Based on these indicators, we assume $BTC could provide a show if it is able to best the 50MA. Right now, the moving average sits right at $3670. If $BTC can break that resistance and then retest the 50MA as support, we will become very confident in the crypto markets for the next few weeks.
Until a break of the 50MA occurs, we will hold a bearish mindset while we monitor whether $BTC can tackle the $3670-3690 price range.
For more BTC price analysis from cryptocurrency trading experts, please see our weekly summary as well as our full coin market watch of the top coins: