Bitcoin price completed an impressive week last week with gains of 30%, rising from lows of $4053 to weekly highs of $5345. With many calling an end of the bear market, we take a looking at the outlook for the market going into the second week of April.
The weekly bitcoin price 00 chart shows that BTC/USD completed an impressive seventh consecutive weekly green candle, accompanied by the highest volume of 2019.
The MACD remains crossed bullish and is rapidly moving towards being positive, having been bearish since mid-May 2018.
There is still a void in VPVR, which illustrates the price where volume traded. This suggests that Bitcoin still has some room to run higher, which is something we have previously discussed with the $5k price range being open ground.
The 50-week moving average capped the initial attempt to break out of the bull market in mid-2015 before pressing price back down to the 200 week moving average support. There is certainly a case for expecting something similar in 2019.
Should this occur, the…