BTCUSD – Weekly outlook for Bitcoin Price – May 3 2019

BTCUSD Outlook & Technical Analysis

Introduction

There’s no better time to buy (HODL) Bitcoin like now, as the bulls eventually confirm their break above the last crypto winter resistance of December ’18 and January ’19. This event was confirmed at the closing price of April, serving as a final confirmation of a bottoming of the previous bearish trend.

Bitcoin Fundamentals

Bitcoin: In the news

UK’s Largest Travel Management Firm (Corporate Traveler) Partner’s with BitPay to Accept Bitcoin

According to news reports on 15th April, United Kingdom’s largest travel management firm, Corporate traveller in a partnership with cryptocurrency payments giant bitpay now accepts bitcoin Btc as an alternate payment means for customers.

Andy Hegley, the company’s GM mentioned that a greater demand to make travel bookings in bitcoin is the major reason the company partners with BitPay.

According to Hegley, the company chose bitpay to run their merchant processing because of its efficiency in handling the complete means of accepting the Bitcoin/Bitcoin Cash from its customer and making deposits in fait cash into the company’s account. 

The volatile nature of cryptocurrency prices will not bother the travel company as the bitcoins will be instantly changed into British pounds. According to Corporate Traveller, the 1% commission charged by Bitpay to exchange the funds to British pounds is less than the charges it pays for credit card processing.

Due to customer demand, travel and tourism firms and businesses have started receiving cryptocurrencies. 

Recently, BitPay reported that last year it made more than $1 billion in transactions. With big customers like the State of Ohio, Dish Networks, and HackerOne, among its client pool, the crypto payments company set a new record in terms of transaction fee revenue January this year.

Technical Analysis

BTCUSD: Weekly Chart

BTCUSD weekly chart - May 4 2019

This week we start by summarizing the significant technical price pattern from the above extract from the weekly time frame of the BTCUSD. 

If you look carefully, you’ll observe more of consecutively closing bullish candles starting from February 04 ’19, up to the current moment today.

The bullish closing candles translate to a bullish trend that kicked off after the bearish trend resistance level refused to hold on December 17 ’18. A correction of the initial price surge created a spring effect for the current upward swing we experience in the market.

BTCUSD: Daily Chart

BTCUSD daily chart - May 4 2019

The above daily chart shows an expanding and rising channel, built from alternating bearish and bullish divergence patterns on April 25 and 28 respectively. The most recent move being the bullish divergence is responsible for shooting the Bitcoin price above $5600.00 mark.

Conclusion and Projection

Finally, the month of April comes to a close and the double bearish resistance levels of 4384.0 and 4218.0 finally gave way to bullish pressure. With that said, we maintain a bullish bias on the BTCUSD pair. 

However, there are two likely paths the bitcoin price may follow. Firstly, we may see a retracement of the bullish gains across major Bitcoin brokers after the break above these major resistance levels.

Secondly, the Bitcoin price may simply continue making new highs with no retracement in view.

James Martin

I'm based in London ( England, UK )
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.

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