Analyze graphics: when Bitcoin will continue to grow?
Source:
Cryptocurrency has formed a double bottom on a small scale. Global confirmation of the uptrend Bitcoin still need some time to bounce from support on 4-hour chart.
Now the situation looks like this:
the-
the
- coin broke through the neck line of the figure of the double bottom, which signals about the local upward trading the
- price generates more global bottom on 4-hour chart; the
- to continue bullrun Bitcoin you need to break through the resistance level of 7,400 dollars.
Chart Analysis of bitcoin has been in .
thethe Fall of Bitcoin over?
Moving Average 100 SMA is still located below the 200 SMA, so the script is sharp drain of the cryptocurrency remains in force. It can happen at any time, we have witnessed the rapid fall of Bitcoin in early September.
However, the bulls also has its ACE in the hole. Recently, the asset price climbed above the 200 SMA, the buyers have the interest to continue the uptrend. Moving averages lines can be a good indicator of growth and to play the role of dynamic support.
The RSI left the overbought area, sellers yet have the situation under control. At the moment fell back slightly after recent gains, consider this the beginning of a serious fall. However, if the cryptocurrency still fall below the 200 and 100 SMA, it is possible to test the support zone of $ 6,200.
And yet the majority of traders are set up optimistic about the future of Bitcoin. The news about prolongation of term of consideration on the Bitcoin ETF with the SEC was positive. Investors are hoping that the probability of approval of the exchange triptofana still very high.
Up — Bitcoin can still grow significantly before 2019. A big role to play in the SEC, if ETF from VanEck/SolidX until the end of December. On the other hand, the abolition of the ETF will result in another wave of drain. In this case, Bitcoin has every chance to continue falling till the next support level in the area of $ 4,500.
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