Analyze charts: what will happen to Bitcoin before end of the week?
Source:
Bitcoin is still in a rising channel, but still can't overcome the closest Fibonacci level.
The Overall situation looks like this:
the-
the
- on 4-hour chart the asset price is located just above the lower line of the channel; the
- Bitcoin konsolidiruyutsya, there is a likelihood of imminent price jerk; the
- the level of 38.2 Fibonacci yet not allow customers to new goals.
At the moment, bitcoin is trading in the zone 6565 dollars. In recent days the value of the asset barely changed.
theWhen to expect growth
100 SMA remains below the 200 SMA, however, the distance between moving average is shrinking every day. If the crossover lines will be, it will be a very good sign to open long positions. In this case, we can expect a sharp upward price impulse up to 6800 dollars.
A Technical indicator stochastics is oriented upward, signaling the presence of bulls in the market. However, it will soon reach oversold, then Bitcoin will once again roll back to the nearest support. At the moment it is located near the bottom of the channel in the area of $ 6500. RSI continues to walk around the middle level, which indicates indecision of market players.
The local Continuation of the uptrend will lead Bitcoin to the level of 50 Fibonacci, who is in the area of 6700 dollars. This is followed by another line of resistance around the 78.6 Fibonacci. At the moment it is a good point to lock in the profit for the bulls. Breakthrough channel up raises the growth target of up to 7400 dollars.
image Source — NewsBTC
Most analysts agree that the market has reached its bottom. The results of the survey and analysis company Fundstrat show a positive trend — more than 54 percent of institutional investors optimistic about the future of Bitcoin. But the former Manager of hedge Fund Fortress, Mike Novogratz , the main cryptocurrency is unlikely to get above 9000 dollars by the end of this year.
The chart Analysis posted on . More useful information can be found in our .
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