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…