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Tuesday Inferno market report

Tuesday Inferno market report

Analysis

TL;DR Trending up, and up, and…

 

This morning bitcoin’s price hit another yearly high of $5,970. That’s pushing well into the strong resistance band around the $6k level and shows a very impressive performance. BTC has almost doubled in price from its low of $3,122, and last week closed above the 50-week MA.

 

Volumes overall are up on last month, which is a bullish sign – it means that interest is returning to bitcoin. We also have Consensus coming up on 13-15 May. This is a major conference in the crypto world that brings together some of the biggest names and projects in the blockchain space. It is often used as a venue for big announcements and debuting new products. The conference has traditionally been accompanied by the ‘Consensus pump’, which sees BTC rise by an average of 77% and alts by over 160% in the weeks immediately following it. However – last year broke the pattern, no doubt as a result of overwhelming downward pressure in the severe bear market. Neverthless, expectations this year are high. If the Consensus pump happened again – and if it occurred to the same extent – it would see bitcoin pushing $10k by July.

 

Against all this bullish sentiment, we were seeing some bearish divergence on the daily RSI. This may have been invalidated by the most recent move up, but we’ll need to wait for the day’s close to know for sure. If bitcoin heads downwards it will strengthen that pattern. We also have to be mindful of the degree of resistance that will be found between $5,700 and $6,300. Most analysts are skeptical that bitcoin can break this at first try. Then there’s just the fact that we’ve had a solid uptrend for many weeks now, and it’s time for a correction.

 

In short, it’s very clear that momentum is returning to bitcoin. We know from experience that this market can turn around in a second, but finally, the fundamentals seem to be filtering through to price. We’re confident that 2019 will prove an amazing year for bitcoin.

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