Bottom line: Bitcoin structure remain bullish until prices stay above 3850 levels, going forward. Bulls have broken above the triangle consolidation and remain poised to push through 8000 levels.
Fundamental Outlook:
Bitcoin’s next halving is due on May 18, 2020 when miners would receive a compensation of 6.25 BTC per block transaction. This is half than that received (12.5 BTC) as earlier compensation. The volatility is expected to be higher during those months.
In the last two halving’s, in 2012 and 2016, Bitcoin prices had risen over 18% in that month. If the same continues over this time, Bitcoin could tough 9000 levels or even exceed towards 10500 levels. It remains to be seen how prices react amidst the current COVID-19 pandemic.
FOMC Meetings Minutes are scheduled today around 02:00 PM EST. It would be interesting to see how markets react to the event with Dow Jones facing resistance around 23700/800 region. A bearish USD outlook may boost AUDUSD prospects moving forward.
Technical Analysis:
Bitcoin bulls still seem to remain in control after breaking on the north side of the triangle consolidation discussed earlier. At this point in writing, Bitcoin trades around 7350 levels after printing an intraday high around the 7500 mark.
Immediate price resistance is seen around 8150, the March 10 high, followed by 9200 levels respectively. If prices manage to stay above the 6140 support, Bitcoin bulls shall remain poised to target above 9000 in the short term.
Most traders might be willing to hold on to long positions taken earlier (around 5500/6000), with a protective stop around 5700 and projected target at 8000 and 9000 respectively.
Overall, Bitcoin is expected to remain bullish until prices stay above 3850 levels as traders prepare to target resistance around 8000 in near term.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
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