Analyze graphics: when Bitcoin will start to grow?
Source:
The trendline has become an insurmountable obstacle for the bulls. The sellers again pushed the Bitcoin price to the lower boundary of the triangle, which had been formed on 4-hour chart.
Briefly about the situation of trade BTCUSD pair:
the-
the
- local maxima prices lined up in a descending line, the cryptocurrency has tested the support zone of $ 6,100; the
- after a short-term asset growth again rebounded from the resistance around 6800 dollars;
Bitcoin has formed an ascending channel on 4-hour chart, the coin is now testing the lower boundary of the channel.
A Detailed overview of the chart of Bitcoin spent .
thethere's still Hope
The 100 SMA is still located below the 200 SMA, so to talk about the change of the downtrend yet. The probability of further discharge not determined in this situation to open a trading position is very risky. Growth to the next resistance levels will be confirmed after the crossover of the moving averages.
The Technical indicator stochastic has entered the oversold zone, and therefore in the short term, the bears will not be able to penetrate the support line. At the same time on 4-hour chart has gradually formed a bullish divergence (when the price falls, the indicators begin to rise).
If the price of Bitcoin will stay above the lower boundary of the channel, the cryptocurrency may well jump up to the next Fibonacci level, which is now located in the area of about $ 6,600. The 61.8 Fibonacci line is at the level of the local maximum — 6820 dollars. If Bitcoin will make it even higher, growth will stretch to 7000 and 7400 dollars. While this next goal to fix the profit long positions (short term).
Soon the interest in the crypt by the public could rise — yesterday Google advertising bans cryptocurrency projects in Google AdWords. The company's decision comes into force from next month, so in October you can expect increased volatility and trading volumes.
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