Bitcoin Price Analysis – $ 8.5k now in sight to finally bear the market
The Bitcoin Prize broke out of a night consolidation, 11% jumped, recovered the $ 8k handle before the weekly closing.
Bitcoin Prize: 4-Hour Chart
The 4-hour chart shows that the bitcoin price 0 0 broke from $ 7,247 to $ 7,980 in one hour of candles, smashing through and past the $ 7,878 level from which the 20% decline occurred at Bitstamp.
This is especially encouraging, on the basis that one might have expected to find short interest at this level.
This area also seemed to support the first time, and resulted in a further press to find altitudes above $ 8,100, which means that there is huge momentum in this move.
MACD has crossed bullish with the signal line and trends now higher over zero, with higher heights on the histogram. The move was also supported by strong volume.
BTC / USD Weekly Chart
With an early look at the weekly chart, we can see that the opposition now facing dates back to July 2018. Interestingly, we can see that the volume light for this The week is highest seen in 2019 with half a day of remaining trading.
The volume node in the $ 6,150 – $ 7,000 price range now works as support along with 100 MA and over $ 8 453, and there is relatively little price volume history, which may mean that there is surprisingly little resistance over.
MACD is related to the other key timeframes and has now been crossed bullish since the first week of February 2019. All of these factors indicate that bitcoin is bullish, although there is still some time left on the weekly light and last week. sales time seems like a strong reminder that things can change very quickly in this market.
Weekend Pains for Futures Traders
Bitcoin's push through the weekend has meant that Bitcoin can maintain its prices through today over $ 7180, there will be another CME gap in the price of weekend trading, something That will lead to more pain for those who shorten Bitcoin.
These holes are usually filled in the end, which means that the level of $ 7k can be a key level in the coming weeks if and when Bitcoin finally settles. Weekend deals for futures traders will be something of a headache for traders who fail to act in cases of weekend volatility like those seen today.
Looking Forward
When the BTC / USD leads in nearby, many indicators mean that there are still bones in the bullish steeple, and that bitcoin can push higher against $ 9,500 where there is a key fixture level at 38.2%.
Breaking the $ 8,500 level will be very important and seen by many
Despite all the haughty moment, traders will remember several painful peaks after withdrawal around these prices in 2018 and have to be awake.
Trade Bitcoin (BTC), Litecoin (LTC) and other cryptocurrencies on the online Bitcoin forex broker platform evolve.markets.
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Views and opinions of the author should not be misunderstood as financial advice. For publication, the author holds Bitcoin at the time of writing.
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