Keep my fingers crossed: Bitcoin is preparing to break the next resistance
Source:
The Price is in a consolidation phase just above a major support level. In General, the situation on the market has developed quite promising for bulls right now who are preparing to break another resistance line.
The Overall situation looks like this:
the- for the 1-hour chart has formed a descending channel with resistance in the area 3585; the
- break above 3650 dollars can be a good prerequisite for the formation of the uptrend in the medium term.
The bears made another attempt to break through an important support level, but Bitcoin just dropped to $ 3540; the
Today, Bitcoin is trading at $ 3640. For the past day, the cryptocurrency rose 0.25 percent.
theTechnical analysis
Over the past couple of days Bitcoin a few times, tested the line $ 3,600, but attempts to consolidate above were crowned with success only the night before. Due to the smooth growth asset managed for a short time to break above the upper channel line, but this price movement has not yet been confirmed by the trade volume.
Now the price of Bitcoin is slightly above the 100 moving average SMA. While this can be considered a positive sign for the bulls, but to open long positions still need to achieve final confirmation of growth. Cryptocurrency closer to the upper end of the channel, where the local resistance.
Source: Included
If buyers fail to break above this line, we should expect a sharp reduction in the area of $ 3,500. A good signal for long, will provide a tremendous leap up in tandem with an impressive trading volumes. While it is recommended to refrain from opening the position and watch the market.
The Readings of technical indicators point to weak growth: the MACD has barely emerged in the bullish zone, but the RSI is still at the average level.
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