Bitcoin (BTC) Breaks Above $4100
Shain Vernier • 1 min read
The final trading week of March has been a good one for Bitcoin (BTC). April BTC futures have tested the waters above $4100 and crypto enthusiasts are thirsty for more. Is this the beginning of a broad-based cryptocurrency recovery?
It may be a bit early to make that distinction, but BTC being established above $4000 is a big positive. Other leading cryptos have rallied in response over the last 24 hours:
Coin 24 Hour Gain Key Number
Bitcoin (BTC) 1.7% $4000
Bitcoin Cash (BCH) +0.8% $170
Ethereum (ETH) +2.3% $140
Litecoin (LTC) +0.9% $60
Ripple (XRP) has been the lone exception, falling beneath the $.3075 handle.
Is Bitcoin Back?
With the much-maligned $4000 level apparently in the rearview mirror, one has to wonder if $5000 is next up for BTC.
Bottom Line: For a good portion of the week, BTC bulls and bears slugged it out at $4000. Earlier today, the market finally broke and price spiked above $4100. In the event we see a pullback, a buying opportunity will come into play.
It looks as though the bulls are finally stepping up in the BTC market. Going long from just above the $4000 level while implementing a positive risk vs reward isn’t a bad way to get in on the action.
As long as the $4100 area remains a valid swing high on the cash markets, I will have buy orders in queue from $4010. With an initial stop at $3949, this trade produces $120 per BTC on a 1:2 risk vs reward management plan.