Bitcoin is gradually forming a consistent run above $10,300 since the last few days with huge effort to remain strong on the upside trend of the market. After witnessing huge loss last year, a turnaround came up in the early days of the second quarter of 2019.
At press time, a unit of Bitcoin is valued $10,738 with an added value of 1.28% in the last 24 hours. Bitcoin last crossed the $10,700 mark about 21 days ago.
However, Bitcoin looks to be flirting around the belief of popular traders like Peter Brandt who believes the cryptocurrency has begun its 4th parabolic rally, and former hedge fund manager Raoul Paul who stated that this is the last opportunity to buy Bitcoin before it boards the rocket ship.
Image Credit: TradingView
Furthermore, the 30 days chart of Bitcoin signals Bitcoin has yet returned on the upside trend after another pull back which the cryptocurrency is using to form a solid anchor around $9,500 support level. The 50-day moving average line has also given another huge gesture that Bitcoin is ready for another bullish rally but in the short-term.
Bitcoin fractal is now above the 50-day SMA, just like it does when every upturn is about to prevail. The above chart shows that Bitcoin possesses strong resistance in the short-term, and a positive break above $11K would be experienced in the next few days.
According to the 1-year chart, the last 3 times the trend line of the cryptocurrency exceeded the 50-day moving average, Bitcoin witnessed a short-term breakout.
However, the trend lines are still below the 200-day moving average with no signal for a long-term bullish trend yet. The 50-day SMA is still above the 200 SMA, indicating that there can be a pullback anytime even though an upward rally surfaces in the short-term
Bitcoin continues to rule the market as altcoins rekt, failing to follow the trend of BTC upward. Bitcoin now controls the market with 71% dominance after a previous fall to 70% yesterday.