(From April 29 to March 05) Technical analysis of Bitcoin price (BTC USD)

The session advances towards the weekend while the price of Bitcoin explodes over $ 5800. After having a brief fall in $ 4964 the price of BTC has managed to overcome the bullish wave.

We can see how the purchase volume is quite high, while the RSI is outside the overbought area, so BTC has a high probability of touching the resistance in the $ 6100 for which it has fought so hard.

The wheel is rotating again and Bitcoin is assertive harder each time it denigrates, to generate a higher minimum. This strong strategy looks like it is unquestionably the one that could release a bullish rally with good support for new historical year.

At the time of writing, Bitcoin has a dominance of 54.6% within a market that already raises its market capitalization to just over $ 177 billion dollars, with the principal cryptocurrencies of the ecosystem generating profits on the second day of Q2 2019.

Keep in mind that Bitcoin did not make the move to the $ 4,500 or $ 3,500 that was previously spoken. This has just made us very clear; with the BTC we will never know what it is going to happen. An interesting long entry point was at $ 5200 – $ 5400 since at this time although there is still an income, this can be somewhat dangerous because Bitcoin is at its maximum level and there could be a setback.

So for the conservatives an interesting purchase price would be at $ 5600, while for the more risky, entering at this moment with a target at $ 5900 is an option.

The price closed above the blue box, but the upward movement has not been a very convincing volume. Considering the upward trend that closes monthly, the falls from here should be to buy. As we can see, both medium and long-term scenarios are totally bullish.

Finally, exist some similarities between 2017 and 2019 in the way we went down from $ 5k-> 3k 2017 and we went back to $ 5k.

It took a lot more time this time in a bear market. Overlapping and extrapolating that trend and December 2019 could be beneficial if we can overcome Tether’s risk (which is important at this time and I am very cautious about being long until there is more information).

This is more an observation than a forecast, but the levels of resistance illustrated make sense as you can see.

What does this mean?

It means that if BTC is supposed to be downloaded then these highly open SHORTS would make a large amount of money and the exchanges will be lost, but it is known that the exchange will not cause losses anyway.

So they liquidate the positions moving the price to the opposite direction of graph with rising trend to graph with descending trend. So a short squeeze, we can see.

We could also see a bomb to liquidate these SHORTS. Time will tell. It will be important to see which way BTC moves now.

Indicators used

RSI (Relative strength index) 75%

Support $ 5600

Resistance $ 6100

EMA 50/100

STOCH (9.6) 44.328

STOCHRSI (14) 27,065

MACD (12.26) -9.900

LEAVE A REPLY

Please enter your comment!
Please enter your name here