2018-11-7 12:34 |
Bitcoin’s bullish start to the week has brought price action outside of the triangle pattern which has been forming since March. Last week, the price action for Bitcoin consisted of low volume-movements and seemed to have an equal chance of either a bullish or a bearish break. This week, the price action is entirely more bullish with price action trading above several key points.
Bitcoin has broken above the triangle pattern which it has been forming since March. It would need a swift depreciation from here to trade back within the pattern. Bitcoin is also trading above the 50 EMA which was acting as a resistance point for some while. The last three days price action met resistance at this point.
The RSI for Bitcoin is making movements upward after a long period of trading around 50. This shows increased buying pressure and the real question is now whether it can sustain up to and beyond levels of historic resistance near $6750 to $6850. Price is currently trading around $6510 on exchanges pricing against the USD. Exchanges pricing against USDT is trading a slight premium after the USDT stablecoin lost value against the USD.
Bitcoin Daily Chart – Source: Tradingview.comThe hourly chart shows several tests of the upper trend line of the triangle before price action finally broke above. At points of resistance, consecutive tests serve to lower the number of sellers on each test increasing the likelihood that price will break through.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Bitcoin trading far more bullish this week after a week where it looked equally likely to break bullish or bearish. Bitcoin trades above triangle pattern it has been forming since March. Price action also trades above resistance at the 50 EMA. Bitcoin broke through the upper trend line of the triangle pattern yesterday after numerous tests. 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 Overcoming Key Points for More Bullish Outlook was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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