By John from a More The (Bitcoin Consultant) – Bitcoin saw last week, is a great dip to us $9.600, but managed to get himself up and recover. So, what can we expect now Bakkt a couple of days to go live?
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Bitcoin price weekly chart
As to the candlestick of this week’s close, we find ourselves in the same week that Bakkt to go live. It is to be a “sell the news” event, or it’s already included in the price, and we are going to so up? Who can say that. The only thing we can do is to prepare ourselves to be on the bearish and bullish scenarios.
In the course of the play (see figure 1). to see that there are still very good. In spite of the dip to the $9.600 seems to be the price is above the 12EMA (blue line), you’re going to have to close.
The fact is that we are still in the middle of sitting down, it tells me that the escape is quite aggressive it will be. The Targets for the award, down to the 21WMA (orange line), $9.300), 26EMA on the red line, $8.900), and the 100WMA ($7.700). I don’t really expect, not that it is so extreme that the direction of the 50WMA as well.
Also, the volume will decrease, which corresponds to a ‘triangle formation’. In addition, it is also clear to see that the RSI is trapped between the red support and resistance line. If you look at the RSI bar you will see why this is important is that the RSI, support, love. It was only during the bear market, is below the current level.
Figure 1: The price seems to be in this week, above the 12EMA (the blue line) to close down. The RSI is stuck between support and resistance, and the volume continues to decrease.So far, the support for the event, which is the price move down starts. Other key points of support and the targets for a breakout to the top, we can see on the daily chart.
Bitcoin price is in daily chart
On the daily chart (see figure 2, below), the price to be more bearish. The rate remains lower highs and also below its 50DMA, 100DMA, 12EMA and 26EMA. They are now an end of the latter of the two.
Bullish scenario
In the graph, I have two green bars are drawn. The upper support of the price will have to hold out for a bullish scenario. The bottom bar of the goal as a support is broken. As the race to the top starts, I don’t think that’s the first resistance (red line) at $10.970 very fast is to be broken in order to be free through steam for $12.330.
Bearish scenario
Break of the support, and I look at the previously mentioned goals of both the weekly chart (refer above figure-1). In addition, I take the lower green line is where the 200DMA is running. The 200DMA is now at about $8.200.
Figure 2: The share price is experiencing resistance from the 12EMA and 26EMA, and it is below the 50DMA and the 100DMA. The Target in the outbreak-up to $12.330. Move down to the 200DMA on the $8200.
Bitcoin 4-hour chart
In the 4 hours chart, (see figure 3) also looks bearish between now and the end of the course, below the 12EMA and 26EMA to fall.
I was actually expecting the price to continue in the direction of the bottom of the descending triangle that would go on when it is below the lower red support line was. There were, however, soon when the RSI is also oversold with her.
That brought the price back up to the red resistance line, and then again, slowly, below the 12EMA and 26EMA that go with it. This is the first indication of an outbreak will be when the 12EMA (blue line) and the 26EMA the red line back to the above error.
Figure 3. The bears have the upper hand, and with the share price below the 12EMA and 26EMA are brought.
Conclusion: Bitcoin is on a break
The share price may at any time break out, especially with the launch of the Bakkt the next day to go live. Because the price is already for a long time, the descending triangle is, but I think it is a pretty extreme the move up or move down will be.
The goal is to have an outbreak, up to $10.970, which will soon be broken, it will be $12.330-to-go. At the bottom are for the purposes of the 21WMA (orange line), $9.300), and the 26EMA the red line, $8.900), and the 100WMA ($7.700) on the weekly chart. On the daily chart, the lower green rectangle is where the 200DMA ($8.200) along the way.
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John, from a More
The Bitcoin is a Consultant, John More, was for some time engaged in informing the general public about cryptocurrency to teach through webinars and seminars. He was also a key point of contact for the investors to get all of the details you need to know about crypto, such as investing in Altcoins, ICOs, and a successful (day)trading. On Tuesday, he is to find and replace.