Market Dynamics
26 April 2019
Daily Chart of BTC/USD with Fibonacci Retracement
Bitcoin/USD (CMP: $5384)
With each passing day, the intermediate uptrend of Crypto currencies, lead by BTC is asserting itself stronger with creating consecutive higher bottoms. The level of $5000 is an extremely important level for this crypto, not only for psychological reasons, but also because it happens to be the mid-point of huge decline that Bitcoin witnessed in October-December of 2018. Being above this Fibonacci level of 50% implies that its strength is continuing & there are higher prices likely ahead.
From short term trading perspective, we have got yet another bottom on daily chart at $5200 odd levels and one could take a long position in this premier crypto pair with this level as stop. Immediate target: $5600 & once it is taken out, Bitcoin will challenge its October top at $6700 odd levels, but that is obviously going to take some time.
