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April Starts With A Bang For Bitcoin

April has started with a bang for BITCOIN bulls. The first 48-hours of the new month has driven price to test of the $5000 level, extending recent gains. 24-hour highs at $5085 were posted during the U.S. overnight session, levels not seen in more than four months. If you are a cryptocurrency enthusiast, then the early April breakout was certainly a welcome sight.

Today’s bull run was an exclamation point on the first three months of 2019. Bitcoin has rallied more than 25% from January 1st values in the neighborhood of $3800. Now, $5000 is back in play and the cryptosphere is alive with optimism.

April Bitcoin Futures Return To $5000

The overnight uptrend in April Bitcoin futures remains valid. Prices on the 240-minute chart are holding firm above the breakout’s 38% retracement level.

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

For April BTC, there are two levels on my radar for the near future:

  • Resistance(1): Psyche Level, $5000
  • Support(1): 38% Retracement, $4720

Overview: The 24-hour performance of Bitcoin has spilled over into the other leading cryptos. Big gains have been seen in Ethereum, Bitcoin Cash, and Litecoin, echoing the positive sentiment generated by BTC.

At least for the moment, it appears that the long-term bear market facing cryptocurrencies may have finally found its bottom.

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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.
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