Bitcoin a start of the Bull Run (09/04/2019) 12:24
Bitcoin has lost much of its gains, we have seen this currency drop from $19k a coin to as low as $3,2k a coin. However, we are off the belief that the market has bottomed out and we forecast that it will appreciate over time. This is evident in the recent consolidation phase, and the breakout which then suggests that the Bulls are now stepping in. The 3.200 area seems to be a strong support as we have seen the price go from the 3.200 area to 5.100 currently. Furthermore, there is a trend line that the market has broke, this further confirms that the price is appreciating. However, it is important to note that current the price is at a weekly resistance level. Although our overall outlook is Bullish, we do expect the price to get rejected, perhaps to form a retracement from the 5.800 area. We forecast that this will provide a good buying opportunity around the price level 4.200.