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Bitcoin has best quarter since 2017

  • Regular
  • Blockchain
  • 7 months ago
  • 106

Bitcoin closed the first quarter of 2019 with 10.91% gains, the biggest quarterly gain since the fourth quarter of 2017.

Although bearish exhaustion is evident, a bullish reversal above the $4,236 mark still remains elusive,  however sustained break above that level looks less likely to happen in the next few months, as the price seems to be mimicking the bottoming pattern seen in nine months leading up to the October 2015 bull breakout.

Bitcoin’s short-term outlook remains bullish as Friday’s close above $4,055 bolstered the bullish setup on the daily chart therefore setting up a test of its highs of $4,190 this week.

Nevertheless, continued failure to clear $4,130, the high of a doji candle created on Saturday may invite selling pressure and yield a drop to the crucial 30-day moving average, currently at $3,938.

 

Source: Smart Trend Team