Cryptocurrencies: Back From The Dead

[@Royale]

- Just as many gave up hope, the cryptocurrency empire is striking back.

- Bitcoin coming back from the dead, with a sudden 20%-plus spike.

- Few (conspiracy) theories have emerged, as investors are trying to figure out what's behind this recent surge.

- No matter what is the real reason/driver behind the recent move, Bitcoin is now in a new bullish technical uptrend.

It was only two weeks ago when we wrote that cryptocurrencies seem ready to break up. To wit:
All in all, it does seem as if prices of cryptocurrencies are at least stabilizing, following a horrible 2018.

Bitcoin seems set and ready to end this 4-month-long consolidation period that has seen a (relatively) tight trading range, roughly between 3300 and 4100.

Should the leading cryptocurrency succeed in holding its nose above the $4,000 level, and broke the recent months' $4,100 top, the odds of a new, meaningful, move up from here will certainly be looking much better.

April Fools' Day may have been the prank that triggered the latest cryptocurrency rally which sent Bitcoin (BTC-USD, COIN, OTCQX:GBTC) over the $5,000 mark for (at least) 11 minutes.

This is the highest level for the leading cryptocurrency since November 2018.

The sudden 20%-plus spike makes Bitcoin look like the "immortal undead". Every time you think it's already dead and buried, it just kind of jumps back out again.

Jokes aside, Bitcoin hasn't only reached its highest level in 2019, but it also broke two technical levels: i) the resistance around $4,100, and ii) the important psychological $5,000 mark.

[ https://seekingalpha.com/article/4253030-cryptocurrencies-back-dead ]