Bitcoin Price: $4683 (2 April 2019 5:07pm AEST)
I’m sending out a critical price update as the markets are moving rapidly at the moment.
After a gruelling 4 confirmations on the 50 day SMA as support, we’re finally seeing a breakout, and it’s certainly a big one.
Starting from $4130 USD, the price soared all the way to $5100 USD. We’re currently seeing the largest end to end % gain in a 1 Day candle in the last twelve months.
50 day SMA has held 4 times, whilst the 200 day EMA has broken for the first time in 12 months
This could be the final confirmation of the $3200 USD bottom we’ve been waiting for, pointing to a bright road ahead for Bitcoin.
The price has rapidly broken through the 200 Day Simple Moving Average of $4600 USD, but we’re likely to retrace in the short term and test it as support or resistance depending on the retracement.
$4600 is our first price to watch in the short term. With an overbought RSI of 85, emotional buying could be risky at the moment, but now could be an excellent time to capitalise on some short term profits and continue to keep your eyes peeled for entry points.
Our key interpretations:
- Bottom confirmed at $3200 USD
- Any opportunity below $4200 USD now represents a great entry point
- Price surge peaked at $5100 USD
- Expecting closing retracement around $4600 USD
- Looking out for potential support/resistance at 200 Day SMA of $4600 USD
Please remember this content is not intended as financial or investment advice and manage your risk accordingly,
Happy 5K Bitcoin!
Jackson has over five years experience in Cryptocurrency Trading and founded one of the first managed Cryptocurrency Investment Trusts in Australia, Bit By Bit Capital. Jackson currently acts as COO for Caleb and Brown, CIO for Bit By Bit Capital and has featured frequently on Sky News, The Herald Sun, The Australian and other major News outlets as a leading expert on cryptocurrency analysis.
Whether you are new to the market, or a seasoned trader, Caleb & Brown can help to realise your goals. Call us on +61 1800 849 149 or Contact Us to discuss further.