Bitcoin Breaks $4000 Is Bull Started?
Bitcoin is now trading above the psychological resistance $4000. Bitcoin is trading at $4150 (at the time of publishing). Yesterday Bitcoin see a green candle on the 1-hour chart with high volume that breaks the $4000 resistance.
A symmetrical triangle is forming on the 1-day chart. We see a clear breakout from the symmetrical triangle 3 days ago and now Bitcoin is trading above it.
Bitcoin is now trading above the 100 MA (Moving Average). After May 2018 that was the first time Bitcoin trade above the 100 MA for a week. The 100 MA starts to flatten.
The last time when the symmetrical triangle breaks downwards Bitcoin see a major drop in the price. Bitcoin lost almost 50 percent of its value and drops to $3100 from $6000.
Crypto traders and hodlers believe that this is the end of the longest bear market of Bitcoin history. Volume is pretty good too. The all-time high volume after the massive drop of January 2018.
The whole cryptocurrency market is on fire. Most of the top showing more than 5 per cent gains. Ethereum and EOS outperformed Bitcoin and other top 20 cryptocurrencies.
Bitcoin may face major resistance around the 200 MA (Moving Average) that is now around $5200. The biggest psychological is $6000. If Bitcoin crosses the two milestones with good volume than we may see fomo is creating and that will fuel the next massive bull run of Bitcoin and crypto market.
In our opinion, the bear market is over and we are entering the sideways/accumulation period. 200 MA points are good to see to open a position.
