2019-1-2 18:14 |
BTC / USD Daily Chart: Bitcoin Daily Chart – Source: Tradingview.com
Bitcoin recorded a significant recovery in the week before Christmas bringing it from a 2018 low near $3100 to prices back above $4000.
Resistance proved to be too strong above $4000, and after meeting resistance at $4300, the price dropped back into the $3000’s.
However, since dropping back below $4000, the price has been forming higher lows and has tested the $4000 point.
The higher lows have resulted in an ascending triangle forming, a bullish pattern increasing the likelihood that price can move back above $4000.
Each test of $4000 makes the level weaker, further increasing the chances that price can rise back above. We also have buyer momentum increasing with the MACD and RSI rising to represent this.
On the daily chart, recent price action has been forming far more bullish patterns, a stark contrast from the extremely bearish conditions which took place from mid-November to mid-December of 2018.
BTC / USD 60-Min Chart: Bitcoin Hourly Chart – Source: Tradingview.comThe hourly shows in closer detail how price action has been behaving inside of the ascending triangle being formed.
While price did fall below the upper trend line forming the pattern, price did not close below on the daily chart giving strength to the pattern.
Both the upper trend line and the $4000 level are acting respectively as significant support and resistance.
After a drop close to the upper trend line, price surged from $3600 to near $4000 over the space of a few hours. It subsequently sharply dropped from near this level to around $3750.
It has since started to trade in more of a range inside of the pattern with less significant spikes and drops.
Key Takeaways: Bitcoin recording bullish movements prior to Christmas but has since dropped below $4000. Ascending triangle forming which is a bullish pattern. Buyer momentum also increasing with both the daily MACD and RSI recording increases. Latest Bitcoin News: Hackers Threaten to Dump 9/11 Related Insurance Files If Ransom Not Paid In Bitcoin Bitcoin’s Lower Price Makes It Competitive As a Tool for International Remittance DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin [BTC] Continues Christmas Recovery With Ascending Triangle was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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