2018-9-4 17:05 |
We are seeing further bullish movement across the market today with some altcoins showing 24-hour increases in the double digits. After a small reversal yesterday, Bitcoin is back to pricing in gains but is fast approaching an area where resistance is to be expected. A descending triangle pattern which has been forming since January is expected to provide resistance to Bitcoin’s price action as it approaches $7400-$7500.
Today’s rise is on lower volume which shows the rise could be approaching its end and buyers are anticipating the resistance. On a bullish note, price and RSI continue to form higher highs and higher lows on the daily chart. And also the MACD continues to diverge to the upside showing strong buying momentum.
Bitcoin Daily Chart – Source: Tradingview.comOn the hourly chart, the 50EMA has been acting as a dynamic support level in the event of drops. Recent price action has been choppy, and it is not an ideal environment for traders to take positions with the unpredictable price swings. The outlook is currently neutral. A daily close above the descending triangle pattern which is currently around $7500 will be likely to lead to an influx of buyers. A drop below $7150 is likely to be bearish for the price, but there is also strong support expected at $6850.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Descending triangle pattern in play since January, resistance expected between $7400-$7500. Outlook is currently neutral. A move above $7500 will likely be a bullish outlook. A break below $7150 is likely to change the outlook to bearish. In the event of a drop below $7150, strong support is expected at $6850. 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] Prediction – Bullish Moves Continue was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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