A Good Looking Bitcoin Chart
John Barry | Wed Apr 29 2020
After a few failed attempts Bitcoin has broken above the key $7,800 resistance level. This is a very positive step and will likely lead to additional upward price movements. I talked about my concerns in my previous article were proven to be unfounded (however it did hold the $7,600 level I identified as important).
https://quantifycrypto.net/news/resistance-at--7-800-----a-bearish-turn--
The 1-hour chart looks great here. After the spike up on April 23rd to just under $7,800 it retested that same level on April 27th. Then the price went slowly down for 2 days to $7,630. The encouraging news is that the $7,600 support level held. Since that low, it has had a steady increase to $8,375. Currently, this pattern matches the pre-pattern condition that occurs before significant Bitcoin price increases. Sometimes this current pattern continues to be flat.
1-Hour Bitcoin Chart from TradingView
If you are a holder of Bitcoin now this is a good position to continue to be in. This is clearly a Bitcoin rally as none of the top 20 altcoins has performed as well as Bitcoin during this step up. I expect Bitcoin to continue to go up and look for the Altcoins to start to outperform compared to Bitcoin.
Looking at the 4-hour chart, it's encouraging that Bitcoin is trading above the $8,200 resistance level. The next important resistance level is at $9,200. The chart shows a pattern of higher low prices, since the low on March 12th, just below $4,000 (which I discussed in the link below). Bitcoin is now up over 100% since its low price on March 12th.
https://quantifycrypto.net/news/was-that-the-bitcoin-bottom-
4-Hour Bitcoin Chart from TradingView
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None of this is meant to be financial advice and I do not have any financial expertise. Although I worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader.
Full discloser: I do own Bitcoin and have stock positions.