Is Bitcoin Ready For $5000? Technical Analysis


Bitcoinik Team did the Technical Analysis (TA) of Bitcoin (BTC).

A Symmetrical Triangle pattern formed under 4h timeframe. The pattern is not broken yet but it almost at its resistance level and try to move upside.

BTC/USD technical analysis

If we see according to the Ichimoku cloud, the Kumo cloud is giving a bullish signal. currently, Kumo cloud is projected Senkou A or (Leading span 1) above Senkou B or (Leading span 2) but if we specifically see Senkou 2, then a flat line is observed, which makes this bullish because in a flat line meant to be a consolidation period which may give a spike up or down.

We’ll see stochastic also then it is also taking curving under 4h time.

If pattern will break towards the positive side, then we may see 4500-4700+ or 5000+ in upcoming day else it will retrace up to 3900-4000 again.

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Ethereum (ETH) is able to defend it’s second position on the coinmarketcap. Ethereum has a market cap of $15 billion. Ripple (XRP) is unable to keep up the pace and has a market cap of $12.9 billion.

Ethereum is now trading at $142 (at the time of publish). The major resistance for Ethereum is $150-$160 if ETH able to trade above these points the road for $200 is open.

Cardano (ADA) made a way to the top 10 cryptocurrencies. ADA is now at the 10th place on coinmarketcap. Cardano gains more than 60 percent in the last couple of weeks. Here is the technical analysis of Cardano (ADA).

Also Read: Weekly Report (25-31 March) | What Happens This Week in Crypto