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This week seems to have sparked the enthusiasm and optimism of the crypto community. Bitcoin seems to have defeated the downtrend, with many badysts judging this signal positive.
According to Coinprice Watch, Bitcoin started the week with a price of 3600 USD and closed it above 4K. This value represents significant resistance since the BTC reached historic lows at around 3.2k. Many expect the 4k area to become critical support in the near future.
Bullish sentiment seems to be common among many members of the community. On February 22, 2019, 80,000 Bitcoin Longs valued at $ 80,000 were purchased on BTC's futures contracts, a transaction that represented the highest BTC Long volume ever traded. To this good news, we must add the fact that in recent days, BTC has also recorded the largest volume of transactions in its history.
courtesy: Reddit
Through this series of events, the community of traders and technical badysts shared their favorable opinions and bullish sentiment. In Tradingview, a platform specialized in providing technical badysis tools, many members have published articles with rather optimistic content, while maintaining each of their arguments.
MagicPoopCannon, one of the users with the most subscribers on the platform (52,000 subscribers and 10.5 million views), commented with his fans that according to his badysis, there are several reasons to believe that Bitcoin has Bottomed. This user is known for not hesitating to comment any change of trend, sharing his bearish judgment when the graphics reflect this feeling:
"Looking at the monthly Bitcoin logbook, I would like to draw your attention to a very simple indicator that indicates that the bottom is most likely. I would like to draw your attention to the MACD …
So, this is a very simple indicator. Nevertheless, it is historically powerful in determining the ups and downs of bull and bear markets. At the moment, this shows us that the bear market is over. Technically, we need to watch the month's closure to be sure, but all indications are that the bear market is now over. "
User LiuTrader is another badyst who also shared his bullish sentiment. He shared a chart announcing the end of the downtrend and it is now possible that bitcoin will start a bullish cycle with expectations halved. He predicts that the BTC could reach 100,000 by the end of 2021.
For his part, Alan Masters also shared his bullish sentiment. Analysis of the performance of the XBT / USD pair in BitMEX. For this user, Bitcoin has the potential to climb up to $ 4,500, which could spark significant resistance. To talk about a downtrend, BTC should record prices below 3.7k.
• RSI is bullish and reaches its highest level since September 2018, ie 5 months. Highest since 5 months.
• The MACD is on the rise and gaining ground.
• The next strong resistance stands at 4241 USD, marked by the peak of 24 December, followed by 4423 USD, marked by the peak at the end of November and the EMA50 (4503 USD). Thus, the next target for Bitcoin, if it can exceed 4241 USD, is in the range of 4420 USD to 4500 USD, it is there that the strongest resistance will be encountered. If this level is broken, Bitcoin can continue its rise. I will share a new badysis with the following objectives.
• The main support for this period is EMA10, which is $ 3700. For Bitcoin to be bearish, it must close below this level.
Finally, DLavrov also commented that for those who are trading on charts with candles longer than 4 hours, the prospects are also promising:
It is possible to predict the direction of the breakthrough by using market conditions from the higher delays. I remind you that on the basis of the 4H, we have a market that is more bearish than bullish, but in the long term, the market seems more bullish than bearish.
Please remember, these are just opinions and should not be taken as professional financial advice. Do your own research and never invest more than you can afford to lose. Good luck and good trading!
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