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Bitcoin to USD ( BTCUSD ) Weekly Outlook , April 19 2019

BTCUSD Forecast and Technical Analysis & Fundamentals


On major Bitcoin broker platform, IQ Option, we see an overbought BTC. Can the volatility oversold setup from an intraday perspective be sufficient for a continuation of the crypto spring? Join us as we look at interesting fundamental and underlying technical indicators pushing the Bitcoin price.


BTCUSD - weekly chart - April 19 2019

Here, we reference the weekly chart where a breakout of bearish accumulation signalled volatility oversold nature of the BTC. The price upon retracing towards the 3215.2 Support zone, bounced off and entered an upward price surge after confirmation from the bullish accumulation on 25 February ’19.

BTCUSD: Daily Chart

Reinforcing the bullish campaign on a daily view are two successive bullish hidden divergence patterns on 16 and 29 March ’19. A golden cross of the MACD caused the Bitcoin price to increase by 33.78%.

The identified long bearish candle on 11 April ’19 so far has not yet been able to breach the major support level of 4960.2, therefore indicating strong bullish presence.  

Bitcoin Fundamentals

Mainstream Adoption: UK’s Largest Travel Management Firm 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 crypto payments giants, Bitpay, is now receiving Bitcoin (BTC) for payments.

Speaking to the press, General Manager at Corporate Traveller U.K., Andy Hegley, cited a greater demand from their clients for the option to pay for business travel bookings in bitcoin as the reason it is striking the deal with BitPay. 

According to Hegley, the company chose BitPay to manage their merchant processing because of their efficiency in handling the entire process of getting the Bitcoin (BTC) or Bitcoin Cash (BCH) from the buyer and depositing fiat cash in the company’s account. 

An increase in price volatility of crypto markets will not trouble the travel company as the bitcoins will be changed straight into British pounds (GBP). 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, other tourism and travel firms and organizations have begun accepting cryptocurrencies. 

Recently, BitPay reported that last year it made in excess of $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

BTC/USD: 4-HR Chart

The overbought nature of the Bitcoin price on major crypto brokers was signalled by a blend of bearish regular divergence and bearish Fakey pattern as shown above. This price collapse was stalled by a breakout of bearish accumulation on 12 April ’19 08:00 setting strong support at 4934.7. 

A more recent bullish accumulation pattern was initialized on 16 April ’19, following an intraday volatility oversold on 15 April ’19 16:00. This forced the BTC to resume its bullish price rally.

Lower risk entry setups were triggered on 10, and 11 April ’19 by a collapse of bullish pressure support. A bullish regular divergence signalled an end to the bearish volatility and subsequently leading to an increase in the Bitcoin price.

Conclusion and Projection

The speculative demand for Bitcoin is still on the increase especially with major resistance levels on the monthly and weekly charts being violated. We project a bullish trajectory towards the 7788.0 resistance level as a significant profit target.

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