Analysis of Bitcoin Price

Analysis of Bitcoin Price

The bullish  drive is recently very strong. Bitcoin surpassed the psychological barrier of 58k and is increasing to $58, 1567 and almost getting to a record breaking high of $58, 354 and this is just happening yesterday.

The trading price of Bitcoin is approximated at $57,572.97. and which Bitcoin has skyrocketed to 2.67% in the past 24 hours and in the past 7 days, 21.94%.

It has been observed that from the day by day candlesticks that Bitcoin in the last five days have been traded above higher than the 9-day moving age line.

It is pertinent to add that the moving average which is short time are curved upward and which has been showing the arrangement of the bull position and this is a signal that is quite bullish for the technicians in the market.

The neckline position of the inverse head and shoulder pattern has been successfully broken down by Bitcoin via the neckline position. Also there is a coherent feature showing that there is no vestige of sign of the transaction volume going back to the previous high.

It is pertinent to state that as observed that more bulls are hesitant to enter the market because yesterday’s trading volume declined when compared to the day before yesterday .

 

Near the ATH of $58, 354 in the short term, the BTC/USD will encounter strong resistance and the bull will target the next position at the psychological mark of 60k, if they can successfully break down this level.

A down correction may occur, if the BTC fails to move higher. However, the first major support is at $53,000. The next major support level is near the neckline of $52,079. If it breaks below this critical level, the bears may re-press the price back into the bearish inverse head and shoulder pattern.

The blue MACD line has crossed the yellow Signal line from bottom to top, forming a golden crossover. The MACD of BTC/USD is entering the bullish zone.

 

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