2019-1-3 17:47 |
Bitcoin Daily Chart – Source: Tradingview.com
Cryptocurrencies have had a bullish start to 2019 after an extremely bearish finish to 2019.
The market leader is Bitcoin is forming an ascending triangle pattern on the daily.
An ascending triangle is a bullish continuation pattern which is formed by both an upward trend line and a point of resistance.
Bitcoin has already found support a number of times at the upward trend line forming the ascending triangle.
The resistance point – the $4000 level – has already been tested and the price has also traded above this point in December making more likely that price can break above again.
The daily chart is showing some bullish signs.
The MACD is increasing reflecting buyer momentum and is also approaching a centerline crossover to the upside, a bullish signal.
If price can manage to break above $4000, a potential point of resistance to monitor is $4300.
Bitcoin Logarithmic Weekly Chart – Source: Tradingview.comThe longer-term weekly logarithmic chart forms a more bearish outlook.
The bullish we are seeing is taking place on low volume in late November and December.
This could imply that there is not much strength behind this move and it is likely to reverse from here.
The recent rise may have formed a lower high – shown by the arrow – which would add further credibility to the bearish outlook.
With the weekly RSI and MACD also trading low, the longer-term momentum looks to still be with the sellers.
While the daily is showing bullish signs, traders should be cautious that any rise is not short-lived.
Key Takeaways: Ascending triangle forming on the daily for Bitcoin. This combined with daily buyer momentum increasing may indicate a future break above $4000. $4300 is a potential area of resistance if price breaks above $4000. The weekly chart has a more bearish outlook with momentum on the side of sellers and lowers high potentially forming. Latest Bitcoin News:Bitcoin [BTC] Continues Christmas Recovery With Ascending Triangle
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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.Does an Ascending Triangle for Bitcoin [BTC] Mean Price is Finished Bottoming Out? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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