Bitcoin (BTC) Breaks Above $4100 - Forex News by FX Leaders
Cryptos

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.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
Related Articles
Draghi further reckoned that QE still has ample headroom and indicators for the coming quarters point to lingering softness, clearly...
3 hours ago
Comments

Leave a Reply

avatar
  Subscribe  
Notify of