Is the Bear Market Over for Bitcoin [BTC]?

2018-9-21 16:09

Bitcoin is now forming higher lows which is a positive sign. Daily RSI has been forming higher highs and higher lows. Another positive sign. The daily MACD for Bitcoin is after crossing it’s signal line to the upside and is converging to the centerline. Two more positive signs.

Regardless, the biggest thing to monitor for the price future is the descending triangle which has been in play since January. Price has approached the downward trend line of the descending triangle six times since January. Each time it has failed to break through. If the descending triangle pattern plays out as would be expected, the price would be set to return to $6,000 and fall hard below. In the case of this happening, $6,000 would be likely to turn from support to resistance.

The descending triangle will have to break down for these events not to occur. With the recent bullish price action, the price is approaching the downward trend line for the seventh time since January. The recent bullish price action is definitely a positive but the key thing for traders and investors to monitor remains the descending triangle pattern.

Bitcoin approaches the downward trend line for the seventh time. Bitcoin Daily Chart – Source: Tradingview.com

$6750 to $6850 has been an area with a lot of trading activity in the past. Price is currently trading around $6750. Large sellers may use this area of liquidity to put in large sell orders. Despite the recent bullish movements, the outlook remains neutral. Price action has undergone significant appreciations to get to this point, and some resistance and selling pressure could very well occur at this point.

Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Bullish signs and price action but descending triangle remains key pattern to monitor. $6750 to $6850 has been an area of significant trading activity in the past, and larger traders may use this point of liquidity to put in large sell orders. Outlook is currently neutral. 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.

Is the Bear Market Over for Bitcoin [BTC]? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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bitcoin positive higher daily sign lows forming

Источник: blokt.com

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