Bitcoin (BTC) Breaks Above $4100

Posted Friday, March 29, 2019 by
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.

April Bitcoin Futures (BTC), 240 Minute Chart
April Bitcoin Futures (BTC), 240 Minute Chart

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.

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