Bitcoin Daily Forecast - 2 April 2019

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Bitcoin markets rallied again during the day on Monday to kick off the week, as we continue to grind above the crucial $4000 level. As we have been consolidating for some time, and we have a long wick on the candle from February, I’m now watching the $4250 level. That’s the top of the range that the market has been trading back and forth from recently, and therefore I think if we can break above there we go much higher, perhaps towards the $4500 level.

Looking at the chart, the 50 day EMA underneath, pictured in red on the chart, should offer support as well as the $4000 level should based upon the psychology of it. If we break down below the 50 day EMA level, then we could drop down to the $3500 level. That then extends down to the $3250 level. All things being equal, it does look as if Bitcoin is going to try to break out and that could open up the door to much higher trading.

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If you been watching me here at Daily Forex recently, you know that even though I am not a believer in Bitcoin, I recognize that we are forming a basing pattern. The question now is whether or not it can last? However, there’s probably an even better question to ask here: are you patient enough to see the rewards? This is what a bottom looks like, and it could lead to much higher trading, but after the carnage that we had seen in the cryptocurrencies markets recently, it’s obviously going to take a lot of confidence building to get to higher priced levels. Buying on the dips should continue to be the best way going forward. I have no interest in selling Bitcoin, at least not in the short term.

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Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.