Bitcoin Price Rally Will Continue, Bullish Weekly RSI Suggests

Bitcoin Price Rally Will Continue, Bullish Weekly RSI Suggests
фото показано с : bitcoinist.com

2019-5-7 10:00

Bitcoin price is knocking on the $6,000 resistance and appears ready to run higher this week.

Bitcoin Price: Market Overview

Bulls are buying dips on Bitcoin 00 and defending the ascending trendline even though over the weekend and early Monday BTC showed some occasional weakness on the 1 and 4-hour chart by dropping below the exponential moving averages.

Generally, sentiment toward BTC remains bullish and a host of exciting upcoming events like Consensus and Fidelity Investments launch of institutional crypto trading could be amplifying bullish market sentiment. Since running up to $5,845 on Coinbase, BTC has consolidated between $5,900 and $5,635.

BTC-USD Shorts

BTC-USD shorts continue to pile on and at the time of writing stand at 32,000, a high not seen since early January and somewhat intriguing given the overwhelmingly bullish setup for Bitcoin on the weekly and hourly chart.

One can’t rule out the possibility of a high volume spike, which could blow out a good number of shorts and result in rapid gains for bitcoin.

1-Hour Chart

The hourly chart displays an inverse head and shoulders pattern and as mentioned previously, Bitcoin has repeatedly rallied off this formation in 2019.

There is resistance at $5,780 and $5,845 and a move to $6,000 and above could allow traders to exploit the gap between $6,000 to $6,350. At the time of writing, the right shoulder met the neckline at $5,845 and now Bitcoin is mere dollars away from tackling the $6,000 resistance.

After notching a new 2019 high at $5,966, and an hourly higher low BTC looks ready to run a bit higher (volume permitting) as the RSI and MACD have sufficient room to extend before bumping into the overbought zone.

Weekly Chart

On the weekly time frame, the 12 EMA has crossed above the 26EMA. This is a first since the start of the 2017 rally and the weekly RSI has also broken into bullish territory and above the October 2015 level, which marked the end of that drawn-out bear market.

The MACD continues to climb upward but both arms have yet to roll over 0. The current situation of the weekly chart is quite encouraging and each of the past 6 weekly candles has notched a higher low which shows the bullish trend is intact. $5,700, $5,640 (aligned with the 78.6% Fib retracement level), and $5,550 are the most immediate supports and a drop below $5,400 would be cause for concern.  

Where do you think Bitcoin will go over the next 48-hours?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.fkff

The post Bitcoin Price Rally Will Continue, Bullish Weekly RSI Suggests appeared first on Bitcoinist.com.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68777.48 (-1.57%)
Объем 24H $33.915b
Изменеия 24h: -1.25 %, 7d: 3.86 %
Cегодня L: $68777.48 - H: $70011.8
Капитализация $1355.073b Rank 1
Цена в час новости $ 5953.1 (1055.32%)

bitcoin price bullish rally btc suggests continue

Источник: bitcoinist.com

bitcoin price → Результатов: 126


Bitcoin Price Prediction: Expert Spotlights “Very Good” BTC Buying Opportunity Amid Ethereum (ETH) ETF Frenzy – Here’s His Outook

Bitcoin’s price trajectory remains a topic of intense speculation, with analysts closely monitoring market patterns and key events. In a video analysis, top analyst Crypto Rover delved into Bitcoin’s price trends, potential breakout scenarios, and the impact of the upcoming Ethereum spot ETF decision.

2024-5-20 18:30


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


Bitcoin (BTC) price prediction after breaching $72k

Bitcoin price forecast points to a possible $82,000. Ten days remain to the much anticipated Bitcoin halving event. Kangamoon, a new meme coin, has raised over $4M in its ongoing presale taking advantage of the crypto hype created by Bitcoin’s price surge Bitcoin (BTC) has been making significant waves in the cryptocurrency market, with its […] The post Bitcoin (BTC) price prediction after breaching $72k appeared first on CoinJournal.

2024-4-8 15:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

SOL Price Breaks $150 – Why Solana Could Soon Test $180

Solana is gaining bullish momentum above $150. SOL price is showing positive signs, and it could even surpass the $162 resistance in the near term. SOL price started a fresh increase from the $138 support against the US Dollar.