BTC: $ 10K on the Bitcoin price upstream of the halving?

Credit: Pixabay – Eivind Pedersen

The bitcoin price and cryptocurrencies majors have accelerated upward, confirming the signals given by technical analysis, 12 days now from halving BTC.

Key technical factors of the article:

• The path traveled by cryptos since the low point of March 13 is impressive in relative terms. Bitcoin (BTC) and Ethereum (ETH) lead the dance, it's a positive combination.
• From a technical point of view, the trading volume has (finally) crossed an upward course and the target thresholds envisaged by the AT were reached faster than expected. Let's do a check in.

May is opening and the financial markets have in mind the adage " Sell ​​In May And Go Away " This stock market adage concerns the equity market, especially since the latter has recovered 25% since the low point in March. The cryptocurrency market has also recovered vigorously since mid-March, you can see the relative performances on the graph below.

Ethereum and Bitcoin lead the dance, it's a positive combination, XRP and Litecoin (LTC) hang out a bit but follow the leaders. The upward acceleration of the session on Wednesday April 29 helped to close the month well. The halving takes place in 12 days, this should keep the rise going, so "Sell In May" may not be the right strategy in the crypto market.

Cryptocurrency performance since March 16 – TradingView source

In my previous technical post, at the beginning of the week on Cryptaut, I gave a bullish target at $ 8,500 upstream of the halving. I was considering a short break at $ 8,000, then an impulse towards $ 8.5K. The market finally made its way in a straight line to $ 9,500! What is interesting about this upward acceleration is that it is accompanied by a sharp increase in the trading volume, both on the over-the-counter market and on the futures market (futures and options).

Participation is finally at the rendezvous and technical analysis has seen its bullish signals (the exceeding of resistance at $ 7200) confirmed.

Now that the $ 8,500 has been reached and exceeded, what is the message of technical analysis ?

The target price has been exceeded, the threshold of 8.5K $ must now demonstrate that it acts as a support, according to the change of polarity rule. This is the technical challenge for the very next sessions, in particular by the next closing in weekly data, this evening on the future contract and Sunday evening on the classic BTC. If this level definitely switches to the Chartist category, then the $ 10K will be the new bullish target hired by May 12.

At the current stage, the first tangible support is at $ 8,000. We are redoing the technical point next Tuesday, good weekend to all.

Bitcoin price in Japanese daily candles

Follow Vincent Ganne on Trading View for further analysis on the financial markets. The technical thresholds and the trend indicated above are based on the technical approach "price, momentum, sentiment, ichimoku". The data come from Bitstamp and the graphics of TradingView.

This content is provided for informational purposes only and does not constitute an investment recommendation. We remind you that theinvestment in crypto assets, including Bitcoin, is extremely risky. Cryptocurrency prices are prone to large and unpredictable price swings.