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BTC looks primed for all-time highs

Bitcoin has been trending upward against the US dollar since October 2020. It closed April down 1.78% as a set of bullish candlesticks was interrupted. The lower shadow of the monthly candlestick for April stands at 22.9%. The weekly candle closed at $56,578, above the candle's open for the week of April 19-25. As a result, a bullish engulfing candlestick pattern has shaped up (a signal implying retracement to the April 14 all-time high of $64,854).

Since Monday, bitcoin and altcoins have been extending gains. Ether soared to an all-time high of $3,459. Bitcoin has recovered to $58,951, with gains in line with the February – March template.

On the daily TF, buyers need to break out of $60,200. To build a strong trend, a rapid rise to $66,000–$67,000 is not necessary. The faster the price action increases, the higher the odds of a sharp pullback, since with a breakout above $65,000 would have four tops.

Since the price action is on an upward trajectory without volume, a steep decline could be in the cards. In Asian trading, the BTCUSDT pair fell to $54,580. At the time of writing, Bitcoin was going for $56,054. Ether has almost completely pared back the morning fall and looks poised to set another all-time high. Overall, bullish sentiment still prevails on the crypto currency market. There are no technical signals point to a collapse. A moderate advance in BTC to $63,000 would signal that the market is ready for a leg up to $ 75,000.

 

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