3 Reasons Bitcoin Price Will Sprint Beyond 2019-High $6,000
By CCN: The bitcoin price on Thursday broke above $6,000, a psychological level, to establish a fresh 2019 high.
The bitcoin-to-dollar exchange rate settled an intraday peak towards $6098.21, bringing its best year-to-date performance to 64-percent. The asset’s upside sentiment against the dollar, as well as other leading cryptocurrencies, further pushed its dominance upward to 57-percent, its highest since December 4, 2017. Meanwhile, it’s market capitalization jumped above $107 billion but was still down its historical high of $327.15 billion recorded on December 17, 2017.
BITCOIN PRICE IS HOLDING SUPPORT AT $6,000 FOR THE FIRST TIME SINCE NOVEMBER 15, 2018 | SOURCE: COINMARKETCAP.COM
The bitcoin price is overbought according to technical standards. It means the asset could soon undergo a bearish correction, bringing the rate down below $6,000. But bitcoin will retest $6,000 and extend its uptrend, at least according to three bullish indicators – a mix of both technicals and fundamentals – as discussed below.
#1 Bull Parabola Meets Golden Cross
The bitcoin price action as of late is mirroring its own moves recorded between August 2015 and December 2015. Back then, the price had formed a bull parabola, a curvy shape providing support to the then-ongoing uptrend. As bitcoin continued to trend north, its 50-period moving average meanwhile closed above its 200-period moving average. Eventually, the price posted close to 150-percent gains within four months.
OLD CHART – BITCOIN DOWNSIDE ATTEMPTS CAPPING BY A BULL PARABOLA FOLLOWED BY A GOLDEN CROSS FORMATION | SOURCE: TRADINGVIEW.COM, COINBASE
BITCOIN BULL PARABOLA FORMATION | SOURCE: TRADINGVIEW.COM, COINBASE
