2018-12-19 17:54 |
Bitcoin Daily Chart – Source: Tradingview.com
Bitcoin has had an extremely bullish start to the week increasing from around $3180 to an intraday high today above $3900.
It has since retraced to around $3800 but today’s increase marks the third consecutive daily increase for Bitcoin price.
After extremely bearish conditions since mid-November, this week marks the first return to prolonged and significant bullish movements.
Any appreciations which have occurred prior to this week were quickly reversed as the market continued to return to bearish conditions.
Momentum is markedly increasing on the side of buyers.
The daily RSI and MACD, both used as gauges of momentum, have been increasing.
The next significant level to monitor for the price of Bitcoin is $4000 which is a significant psychological point for traders to overcome.
Bitcoin Hourly Chart – Source: Tradingview.comAfter a prolonged increase this week, the price is reaching a pivotal point. The hourly chart shows the most recent price action starting to reverse.
Traders are likely to be anticipating resistance at $4000.
Price has dropped on a number of occasions over the past few days but has continued its increase each time.
The key chart pattern to monitor as a gauge for when the price is going to reverse is when it forms a lower high on its next rise back up.
The high is around $3900 so the next high forming below this point would record a lower high and form a markedly more bearish chart pattern.
Key Takeaways: This weeks surge marks the first significant bullish movements since extremely bearish conditions hit the market in mid-November .Momentum is increasing to the buyers with both the daily MACD and RSI increasing. $4000 is the key level to monitor if the price can continue its increase. Price has recently started to reverse. A lower high forming on the hourly is the key pattern to monitor which may indicate that the surge is after running its course. 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.Bullish Start to the Week for Bitcoin [BTC] With Over 20% Surge was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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