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- Prices rose sharply over the weekend. Bitcoin prices rose 200 / 4.89%, challenging the overbought indicators on the daily chart with a strong candle closure on April 7th.
- The bitcoin time chart is printing an ascending triangle, indicating continued price action.
- The longer-term outlook remains bullish for Bitcoin as prices remain above the previous normal at $ 5,193.
The $ 5,050 Bitcoin breakout challenged the overbought indicators and set a new target of about $ 5,550 for bulls.
Bitcoin (BTC) rose 4.89% over the weekend period beginning April 6, a move that added $ 233 to its price. According to CoinDesk's Bitcoin Price Index, cryptocurrency is changing hands at around $ 5,248.
In the future, it is possible that the upward trend will continue as investors will likely seek to strengthen their current positions in the event that prices exceed a local peak of approximately $ 5,350.
Given that total market capitalization has reached its highest level in five months, there is a good chance that bitcoin will again be able to enter a long-term bull market in the coming months.
Daily chart
The daily chart shows a bullish market structure that began to emerge on December 16, 2018, with a series of significantly higher and now lower averages (DMAs).
The daily RSI continues to record overbought conditions, but it is unlikely that investors will pay close attention to the fear of missing out on Bitcoin's next potential bond at a weekly resistance of $ 5,557.
Time Graph
The hourly chart shows a bullish case in the form of an ascending triangle measured from two resistance points, at around $ 5,345 and $ 5,350.
While prices retreated slightly, the pied-à-terre was found above previous resistance levels becoming a support – a bullish sign.
If BTC could maintain a close above $ 5,200, that would have a significant impact on bitcoin price maintenance.
Disclosure: The author does not hold any cryptocurrency at the time of writing.
Bitcoin image via Shutterstock; charts via Tradingview
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