2018-8-28 16:50 |
In yesterday’s post, we weighed up both the bullish and bearish case for the price of Bitcoin. There were many signs pointing to further upward movement and this has manifested in Bitcoin now trading above $7,000.
The bearish case yesterday included both a head and shoulders pattern forming along with a descending triangle. As price moves up, the head and shoulders bearish scenario becomes less likely to play out as the pattern breaks down. However, the descending triangle could still play out, but for the moment, we look set for further bullish movement.
The former resistance at $6850 could likely turn in to support in the event of a price drop. The MACD is fast approaching a centerline crossover which is another bullish signal. Both price and RSI are forming higher highs and higher lows within this ongoing upward movement. Another factor to take into account is that futures are still trading at a discount to the spot price in Bitcoin. This takes selling pressure out of the market in the form of miners selling to lock in a profit ahead of time. It is only trading at a slight discount currently so we could see futures back trading at a premium shortly.
Bitcoin Daily ChartThe hourly chart provides a closer look at the upward movements we have seen over the past day. Price jumped around $6750 to around $6900 over the space of an hour. It traded either side of $6900 for a few hours before executing a bull flag with price action rising above $7000 to reach a high close to $7120. Outlook is currently bullish as signs still point to further upward movement and any drop is likely to be met with support at $6850.
Bitcoin Hourly ChartKey Takeaways:
Outlook is bullish Price executed bull flag yesterday and returns above $7,000 Bearish patterns include head and shoulders along with the descending triangle Price and RSI form higher highs and higher lows MACD approaches centerline crossover to the upside 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.Breaking: Bullish Bitcoin [BTC] Price Moves Back Above $7000 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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