Bitcoin’s New Bull Signals Since 2017

  • Bitcoin is set to end April with around 26 percent gains. The growth marks the third straight monthly increase and the first three-month winning streak since the final quarter of 2017.
  • A falling channel breakout seen on the monthly chart confirms a long-term bullish reversal. A similar breakout seen in October 2015 had paved way for a record rally to $20,000.
  • Bitcoin may post stellar gains in May if the 30-day MA, currently at $5,142, reverses the recent pullback. In that case, prices could rise to $6,000.
  • A close below the 30-day MA at $5,142 would validate the bearish indicator divergence and allow a deeper drop toward the 50-day MA, currently at $4,675.
  • Bitcoin’s previous three-month bullish wave ended with prices topping out at a lifetime high of around $20,000 in December 2017. The cryptocurrency entered a bear market in the first quarter of 2018 to hit lows near $3,100 in December 2018.
  • The cryptocurrency ended the record six-month losing streak with a 9.8 percent rise this February, having scored gains in just three months during 2018.
  • The 26.58 percent monthly gain seen at press time is the biggest since April 2018 when prices rallied 33 percent.

Monthly chart

  • Bitcoin has registered gains in May in five out of the last 8 years.
  • The positive takeaway is that the losses in May have mostly been significantly less than the gains.

Daily chart

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Melis

Melis

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