2018-10-15 17:04 |
After two weeks of consolidation and volatility forming new lows almost every day, it looked as if the price was going to have a bearish breakout. A fall on Thursday saw price trade below the triangle pattern which had been forming since January. The bottom trendline of the triangle pattern was expected to turn from support to resistance after price action closed below.
But today we are seeing huge bullish movements for the price of Bitcoin as it moved from around $6325 to an intraday high of $7780. This movement took place over the space of just two hours. Price has since retraced and is trading around $6900, but all the factors of this move give a bullish picture. Price action has moved from below the triangle pattern to above it, overtaking two resistance points and showing that traders are not willing to accept such low valuations.
It also completely changes the bearish market structure which was being formed on Thursday to a bullish one. The move down on Thursday formed a lower low in market structure, but this was made invalid with the move up. Many analysts and traders are now calling the bottom for Bitcoin with this most recent move. The MACD is making a sharp move upward, representative of this bullish movement. It is crossing both its signal line and the centerline to the upside.
Bitcoin Daily Chart – Source: Tradingview.comThe hourly chart shows the massive spike in more detail. There was a huge influx of buyers resulting in volume orders of magnitude above the average daily volume. Momentum is strong with the buyers as many key resistance levels have been overcome with the move and the MACD continues to diverge to the upside. Strong bullish outlook.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Massive bullish movement for Bitcoin which moves past multiple key resistance points and fundamentally changes market structure. Buyer momentum with volume orders of magnitude above 20-period average and MACD diverging to the upside. A strong bullish outlook from here. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Strong Bullish Outlook for Bitcoin After Recent Spike was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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