Bitcoin on the verge of a sharp price jump. Whether to wait for it until the end of this week?
Source:may soon break out of a symmetrical triangle on the day chart. Upside breakout will lead to the rapid growth of crypto-currencies in the short term.
The Overall situation looks like this:
the-
the
- consolidation of the asset comes to the end, before a sharp price spurt only a few days;
- technical indicators do not give ideas about the direction of the breakout of the triangle.
Bitcoin price is testing resistance in the area of about $ 6,600. A good break up would be a sign to open long positions; the
At the moment, Bitcoin is trading around $ 6595. In recent days, the cryptocurrency gained 2 percent of the value.
theWhen Bitcoin starts to grow
Over the past couple of weeks moving average SMA 100 and could not switch to a crossover with the 200 SMA to a good signal for the bulls. While the situation is not in favor of buyers — there is a high probability of breaking the lower side of the triangle. In this case, Bitcoin will fall to a yearly low, which is in the area of 5800 dollars.
Another negative factor is the 100 SMA is in the same zone as the upper line of the triangle. If this resistance is broken, Bitcoin will go to test the 200 SMA in the area of 7200 dollars. Breaking this line, the cryptocurrency could surge to $ 10,000. Here is the top of the triangle.
However, technical indicators are no signs of the presence of imminent bullrun. Stochastic is aimed down, so a drop to $ 4,500 is still in force. RSI rests on the middle tier, indicating the undecided players in the market.
From a fundamental point of view, Bitcoin has all the prerequisites to growth. Recent Google ban on advertising crypts in their services, as the main producer of Asimov Bitmain about the new developments in the issue of its own IPO.
The Crypt even received a positive remark from CFTC Commissioner Christopher Giancarlo.
I believe that cryptocurrency is not going anywhere. They have a future.
This statement was supported by the CEO of Twitter, Jack Dorsey. He noted that Bitcoin and altcoins can be a good substitute for Fiat in countries that faced an economic crisis.
Detailed analysis charts of bitcoin has been in . Come in to discuss what is happening on the stock market.
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