This is a follow up post for our previous Bitcoin price analysis post from a bit less than 2 weeks ago. Last time we talked about the price action we concluded that Bitcoin has bounced from a clear rising trendline that acted as support. Bitcoin still had to break out from 2 falling trends in order to build a temporary bullish climate.

Our updated chart seen below shows that it successfully broke out of a multi month falling trendline (blue) reaching all the way down from the ATH of 19800 USD. This is quite something that can be cheered for, but we couldn’t go all the way on calling an absolute trend reversal just yet.

We are currently watching a potential resistance further up (red) between 9300 USD and 9800 USD depending on the place where our bounce would hit it in case it keeps up the bullish momentum. Breaching that resistance around May or June could fuel the next run up.

Falling below the previous bounce level (yellow) during this period would mean a continuation of the bear trend.

We additionally mentioned that certain altcoins bounced as soon as Bitcoin did in the previous write-up. This is still the case, but now a lot more coins joined the front runners as currently almost all projects from the top 100 by market cap are in green. Some projects were eve hitting 50-100% gains on their BTC pairings in 24-48 hour intervals.

Another interesting chart to look at right now is the total crypto market cap excluding Bitcoin taken from coinmarketcap.com/charts/. Altcoins have been in a downtrend since the previous ATH, but managed to break upwards while managing higher trade volumes meaning that there is certainly some interest in these markets.

Currently we see these as good signs for a market recovery and a potential trend reversal. We will update this post with another analysis session as soon as there are significant changes in the market conditions.