After peppering the $4,000 price point for days, Bitcoin price closed over above the $4k barrier for the first time in March. Let’s take a closer look at the price action to see it there is any sign that this time the price level can be maintained.
The Daily Bitcoin chart clearly shows that bitcoin price 00 is well underway with its fourth attempt to break $4k since the December 2018 lows. The market posture remains in that of a bottom pattern with an Adam and Eve and an inverse head and shoulders within the Eve Cup.
Should these classical charting patterns play out, it would imply a move towards a $5,000 bitcoin price would be on the cards. However volume remains low and this muti-month pattern is taking its time to grind out.
The MACD is crossed bullish with its signal line and remains in bullish territory, but is generally quite flat, which is also the case with the volume.
The 4-hour chart shows that despite the daily close being above $4k, the previous resistance found at $4040 last week,…