In the Spotlight: BTCUSD and Its Ascent
On 06 April 2019:
We had been watching for a sharp continuation leg upward in BTCUSD since early April, mirroring the end-2018 breakdown of prices, which underwent a similar two-leg move down after breaking below an extended symmetrical triangle.
Patient longs have been rewarded as Bitcoin has gone parabolic, in a rally of remarkable proportions, even for Bitcoin. BTCUSD has surged beyond resistance at ~$7,250, and gone on to break $8,000, touching a new yearly high of $8,169.
Its surge has also boosted most of the major cryptocurrencies and added ~$30b to the overall cryptocurrency market capitalisation. This has been a move supported by volume and the ‘whales’ of the industry; tracking data showed the rally supported by trading from large bitcoin holders, with the single biggest whale moving some 47,000 bitcoin into the markets. Next meaningful resistance is in the $8,250 region.
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