Bitcoin is buoyantly testing the $7,800 level of resistance this morning after teetering on the brink of a bullish breakout.
The world’s largest cryptocurrency is now trading 100% higher than it was on March 12’s when it slumped to a gruelling low of $3,880.
It has also surged by 10% since Friday as anticipation mounts surrounding next month’s halving event, which will see rewards for miners slashed from 12.5BTC per block to 6.25BTC per block.
However, Bitcoin is certainly not out of the woods yet as it still needs to break out of the recently formed rising wedge pattern.
A rising wedge is typically a bearish formation that breaks to the downside, with a measured move potentially taking Bitcoin all the way back down to $4,500.
If it can manage to defy conventions and break to the upside it would indicate staggering strength in the short-term, potentially causing continuation towards the $8,830 level of resistance.
The upper band of the wedge is at around $7,650 with a breakout being confirmed if any daily candles close above that point.
From a macro perspective Bitcoin needs to take out the diagonal trendline dating back to the December 2017 all-time high before it can consider itself to be in a bull market.
The clear level of resistance is sloping down to around $9,300, which will likely become a key target over the next few weeks as optimism around the halving continues to build.
The theory is that as new supply of Bitcoin coming onto the market is reduced, it highlights the scarcity of the asset which in turn causes a price hike.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
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