Bitcoin’s Bullish Run Reaches Crucial Level - Forex News by FX Leaders

Bitcoin’s Bullish Run Reaches Crucial Level

Posted Thursday, April 4, 2019 by
Arslan Butt • 1 min read

What’s up, traders.

BTC/USD price settled above the key $5,000 and tested the $5,240 resistance against the US Dollar. In the preceding two days, we saw a ruthless bullish movement above the $4,500 resistance in BTC/USD.

The leading crypto pair also soared above the $5,000 resistance and managed to close above 100 periods EMA. Apparently, there was no fundamental reason behind the move. However, the technicals played the card.

During the bullish wave, Bitcoin broke above a couple of crucial resistances near the $4,000 and $4,200 levels. The violation of these levels opens further room for buying till $5,200. On the lower side, Bitcoin can find support around $4,900 and $4,770.

Crypto has always been a risky market due to lack of proper fundamentals. You never know when to expect a $1,000 movement in less than 60 minutes. Anyway, the bullish trend doesn’t look weak as we may see more buyers entering the market upon bearish retracement until $4,700.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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