- Bitcoin has a strong short-term bullish bias after soaring to a fresh 2019 trading high
- The BTC / USD pair has turned bullish over the medium-term
- Price is now trading above the BTC / USD pair’s 200-day moving average for the first time since March 2018
Bitcoin / USD Short-term price analysis
Bitcoin has a bullish short-term trading bias, with the number one cryptocurrency surging to a fresh 2019 trading high after finally breaking range.
The inverted head and shoulders pattern on the four-hour time frame has now reached its overall upside objective just above the $4,700 resistance level.
Technical indicators on the four-hour time frame are also bullish and continue to signal further gains ahead for the BTC / USD pair.
BTC / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should note that the neckline of the bullish inverted head and shoulders pattern, located around the $4,200 level, is now a key support.
Relative Strength Index
The Relative Strength Index indicator on the mentioned time frame is also bullish, although it has now moved into overbought territory.
MACD Indicator
The MACD indicator on the four-hour time frame is currently bullish and is generating a buy signal.
Bitcoin / USD Medium-term price analysis
Bitcoin has a bullish bias over the medium-term, with the number one cryptocurrency now trading above its 200-day moving average for the first time since March 2018.
Traders should closely monitor daily price closes around the pair’s 200-day moving average, as it could signal a major technical shift in the BTC / USD pair.
The daily time frame shows that the BTC / USD pair has ignited a large inverted head and shoulders pattern, with the overall upside objective of the bullish pattern located just above the $5,100 level.
BTC / USD Daily Chart (Source: TradingView)
Pattern Watch
It is worth noting that the neckline of the head and shoulder pattern from last November also offers strong technical resistance around the $5,700 level.
Relative Strength Index
The Relative Strength Index is bullish on the daily time frame, although it has moved into overbought territory.
MACD Indicator
The MACD indicator on the daily time frame is bullish and is now starting to generate a buy trading signal.
Conclusion
Bitcoin has finally found a directional bias after being confined to narrow range bound trading conditions for the last three weeks.
The overall upside objective of the bullish pattern on the daily time frame suggests that the BTC / USD could easily advance towards the $5,100 level.
The trading action around the pair’s 200-day moving average is likely to be critical when deciding the sustainability of the latest rally.
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Bitcoin
(BTC) - Price
$4,781.22 - Market Cap
$84,247,605,572.79
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