Up 28%: Bitcoin Closes April Above Key Price Level Breached Last Year

View Bitcoin activated twin bullish cues with a 28 percent gain in April: a falling channel breakout on the monthly chart and a close above the 21-month exponential moving average.

Bitcoin scaled an important price resistance with double-digit gains in April, solidifying the long-term bull breakout witnessed four-weeks ago.

The crypto market leader closed at $5,269 on Tuesday, representing a 28 percent gain on the April 1 opening price of $4,092, as per Bitstamp data.

Importantly, April's close put prices above the 21-month exponential moving average, currently at $5,248.

Now that BTC has secured a monthly close above that key hurdle, the long-term bearish-to-bullish trend change confirmed on April 2 looks more credible.

As seen on above left, April's candle closed just above the 21-month EMA, the first monthly close above the key average since October 2018.

The bullish close comes four weeks after bitcoin first confirmed long-term bullish reversal by violating the most basic of all bearish patterns - the lower highs and lower lows - with a high-volume break above $4,236 on April 2.

Essentially, BTC has activated twin bullish cues - a falling channel breakout and a close above the 21-month EMA - with April's close at $5,269.

The above chart shows bitcoin has again bounced up from the 30-day moving average, weakening the case for a deeper pullback put forward by the bearish divergence on the 14-day relative strength index.

The case for a temporary pullback to the 50-day MA, currently at $4,706 would strengthen if and when the price closes below the 30-day MA at $5,184.