The fight in between Bitcoin bulls and bears raves on and the previous have the upper hand at the minute. As BTC grinds ever greater those brief positions which have actually packed up might begin to get exposed which might cause liquidation.
Bitcoin has actually struck a brand-new 2019 high of simply over $5,600 and has actually revealed strength over the previous week. Greater lows have actually been published numerous times and there is a clear uptrend on the weekly chart.
According to TradingView Bitcoin matched its 2019 high of $5,450 a couple of hours ago prior to beginning to pull back a little. A rise a couple of hours later on took BTC to a brand-new high of $5,640 simply above the 50 week moving average. Daily volume is now over $15 billion and has actually reached its greatest level for the week. The bulls are leading things at the minute.
Crypto trader and expert ‘fil fil’ has actually been checking out brief positions at Bitfinex which are now greater than those that preceded the breakout which took us from $4,000 to $5,000 The long positions are now the like those which preceded the exact same breakout.
” Bitcoin continues to grind up, without indication of there being any leveraged positions being used up which suggests to me that there is aggressive area purchasing in this market, which those shorting it can not stop. This leads us to a situation where there will be brief positions greatly exposed– around 6k shorts are undersea and at danger of being liquidated.”
— fil fil (@filbfilb) April 22, 2019
This is a bullish situation according to the expert who likewise mentioned that there is a heavy load on the buy side as in previous circumstances where Bitcoin sped up to brand-new all-time highs consistently in 2017.
Crypto expert ‘Moon Overlord’ echoes this belief with the concentrate on high variety of quotes and greater lows for Bitcoin which is strong up-wards momentum;-LRB- ***************).
Greater lows, quotes stacked through the roofing, momentum plainly moving.
— Moon Overlord (@MoonOverlord) April 23, 2019
Golden Cross Imminent
The legendary golden cross is likewise impending and this incredibly bullish signal might stimulate off a wave of fomo which sends out Bitcoin rates straight up to $6,000 in a matter of hours. Taking a look at the charts, the crossover of the 50 day and 200 day moving averages is most likely to take place today or tomorrow.
Bitcoin has actually lastly leapt to $5,600 where the 50 week moving typical sits– it drew back from this level quite rapidly as some had actually prepared for. A break through this likewise would see a clear course to $6,000 and more liquidation of all of those brief positions might send out Bitcoin even greater.
These circumstances are simply theoretical till they in fact take place however the signals are lining up for Bitcoin and the bulls are poised for action after a long cold spell in crypto land.
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