Bitcoin Price Analysis: Buckle Up, $5K is Open Range

An impressive move higher for Bitcoin and cryptocurrencies yesterday took bitcoin price across the $5k handle for the first time in 2019. Let’s take a look at the market to try to determine if we can expect more upside to come.

Bitcoin Price: Daily Chart

Breaking down the daily chart, we can see that bitcoin price performed a measured move right out of the Technical Analysis textbook.

The Adam & Eve bottom pattern which had an added Inverse Head and shoulders, within the Eve of the cup presented a $5.1k target, which we have tracked for some time as having potential to be met via a very fast move due to there being a void in the history of traded volume in that range.

Usually we would expect a throwback to retest the breakdown range, which would occur around the $4,000 level.  However there still remains a volume void above $5k, which is how BTC found its way down to $3100 so quickly.

Therefore, it stands to reason that a move higher should at this stage is not completely impossible to consider. This would imply a move in…