Bitcoin (BTC) Price Looks Poised to Take on 50-day Moving Average: Expert Analysis

Bitcoin (BTC) Price Looks Poised to Take on 50-day Moving Average: Expert Analysis
фото показано с : bitcoinexchangeguide.com

2019-2-12 01:55

The current price of Bitcoin is $3594 (Bitmex pricing via Trading View), with 24 hour volume leveling around 6.4 billion USD. Bitcoin maintained the territory gained last Friday by consolidating in the $3575-3675 price range. Positive sentiment has been reverberated throughout the crypto community since $BTC ‘s ~11% gain on the 8th of February.

At this time, the Bravado team’s sentiment is becoming bullish. Our team recognizes a few indicators that suggest the market is moving in the right direction.

1. Volume

The highest volume single-day candle in 2019 now belongs to the bulls (February 8th). When we consider where this candle occurred, in what is almost certainly now considered a falling wedge (bullish price structure) charting pattern, we can presume Bitcoin bulls were happy to step in, once again, in the low 3k’s.

https://www.tradingview.com/x/lsuN2jGP/

2. MACD

Higher time frame analysis for Bitcoin’s MACD is printing bullish crossovers on nearly every time frame from 12hr or greater. Even the weekly MACD is attempting a crossover. The weekly MACD hasn’t successfully crossed bullish since October of 2016 when the price of Bitcoin was ~$700.

https://www.tradingview.com/x/zNC70aQx/

3. First Interaction with 50-day MA (D)

Bitcoin’s price interacted (February 8th, @ $3725) with the 50-day moving average for the first time since January 8th, 2018. Although $BTC was rejected on its first attempt to crack the 50-day MA, the corn has consolidated there and appear to be gearing up for another run.

Based on these indicators, we assume $BTC could provide a show if it is able to best the 50MA. Right now, the moving average sits right at $3670. If $BTC can break that resistance and then retest the 50MA as support, we will become very confident in the crypto markets for the next few weeks.

https://www.tradingview.com/x/gJkGla2c/

Until a break of the 50MA occurs, we will hold a bearish mindset while we monitor whether $BTC can tackle the $3670-3690 price range.

For more BTC price analysis from cryptocurrency trading experts, please see our weekly summary as well as our full coin market watch of the top coins:

Bitcoin Weekly Price Analysis: BTC/USD Recovery Spark in Store as Crypto Market Starts to Heat Up

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 11th)

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Bitcoin (BTC) на Currencies.ru

$ 68977.18 (+0.07%)
Объем 24H $35.621b
Изменеия 24h: 2.55 %, 7d: 3.07 %
Cегодня L: $66806.42 - H: $69186.64
Капитализация $1359.056b Rank 1
Цена в час новости $ 3632.4 (1798.94%)

price bitcoin btc 3575-3675 range sentiment positive

Источник: bitcoinexchangeguide.com

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