2018 was the worst for the price of Bitcoin in the last seven years. However, CoinDesk analyst Omkar Godboul is sure that now the technical picture is such that soon BTC may again overcome the $ 4,200 mark, which will open the way to the $ 5,000 level.
Daily schedule
On the daily timeframe, the reversal pattern “Inverted Head and Shoulders” is seen with the “neck” line at the mark of $ 4180. However, this line is tilted down, which may signal some bulls indecision.
As is known, the potential of an approximate further price movement is measured by the distance between the price minimum of the head and the neck line. Thus, closing the daily candle above $ 4,180 will open the door price to marks in the region of $ 5,200.
Three day schedule
The situation on a higher timeframe is generally in favor of buyers. Therefore, the above resistance at $ 4,180 can be tested as soon as possible.
It is worth noting that the price of BTC steadily keeps above the December low ($ 3122). The bullish divergence on the RSI indicator gives optimism.
Four hour schedule
A simple moving average (MA) with a period of 100 is located above the MA200. Thus, the path of least resistance is laid up. This thesis is confirmed by the breakdown of the upper line of the downward price channel.
Market sentiment can dramatically change the price drop below $ 3,556, corresponding to the December 27 minimum. This scenario should not be discounted, since the NVT Ratio indicator is still in the overbought zone (currently it is at the level of 114 ; the market is overheated – values are above 100).
While limit orders at $ 5,000 have not yet been executed, BlockchainJournal magazine suggests recalling the main events of 2018 .
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