How To BEST Read Cryptocurrency Charts
Bitcoin: weekly charts signal a bear market exit
Bitcoin ends up rising for seventh straight week.
The current pattern is like a bear market exit in April 2019.
Bitcoin hashrate approaching new all-time high.
Bitcoin continued its rally last week, forming a seventh straight green weekly candlestick and ending April on a positive note..
Since the collapse of the cryptocurrency market, which, under the influence of events around the coronavirus pandemic, lost more than $ 100 billion in mid-March, Bitcoin has recovered by more than 115%, and now technical indicators again point to a predominantly positive attitude of the token..
Seven weeks of growth
Having formed a top at around $ 9200, Bitcoin closed with growth for the seventh week in a row. Market commentator Voell [@zackvoell] notes that there has not been such a sustained streak of gains since last April when the last bear market ended..
In March-April 2019, digital currencies emerged from a protracted bear market that lasted 15 months.
Then the bitcoin rate recovered from $ 3,700 to $ 5,300 over a seven-week period, after which the growth momentum slowed down, and then the eighth weekly candlestick turned red. This time, quotes rose from the $ 4000 level and exceeded the $ 9000 mark, thereby showing that the recovery momentum was stronger than a year ago.
BTC is currently trading above 50- and 200-week moving averages, which is also a bullish signal on long-term charts..
That being said, it is important that the token new cryptocurrencies types of tokens. They can represent value or something intangible, such as voices..
Two … More has formed a new rising high above the on $ 10,500 level to confirm the bearish trend reversal.
If BTC fails to renew highs, the risk of a correction to support levels will increase. By the way, last Sunday the main digital currency fell in price and remains under pressure in trading on Monday, having marked intraday lows in the area of $ 8500.
Citing other positive technical indicators, BitInforCharts notes that Bitcoin is heading towards record highs again.
At the moment, BTC hashrate is 128.6 terahashes per second, which is slightly below the previous peak at 133.2 terahashes per second..
Glassnode experts point to an even higher hash rate, claiming it has already hit a new all-time high.
The hashrate serves as an indicator of the health of the network, which looks great a week before the halving. There is cause for concern in the market related to the potential surrender of weaker miners, but the higher bitcoin holds, the lower the threat of this risk being realized.