Bitcoin

too low a volume to $8,500 of back-breaking

Altcoinbase takes care of each and every week on Bitcoin Magazine is a technical analysis. In this TA, we will look at the weekly, daily and 4-hour chart of Bitcoin.
At the time of this writing, the average exchange rate of BTC at $8.200 on Bitstamp and trading volumes are very low at the end.
What does the share price tell us?

Bitcoin (BTC) 4 uursgrafiek

Bitcoin is set for a downward trend, a nice consolidation after the recent rise. We see this as a healthy sign for bitcoin, after march 2019.
That BTC is all that will result in the dominance of the largest cryptomunt which is declining: 66% at the time of this writing.
We can see that the smaller cryptomunten some fresh air and a little light growth.
4 uursgrafiek, we can see that bitcoin is provisional support, and a higher bottom has been made (see figure 1, red.).
It seems that Bitcoin will continue to rise, but the first $8,500 of each.
Until that time, we are still on the bearish side of rates. The orange are potential targets when a breakout at the top are your bet.
If you have a bike, we are the level of $10.190 just because we decide this to be a so-called ‘ future of gap, which sooner or later can fill out.

Figure 1: bitcoin (BTC) 4 uursgrafiek (BitMEX)

Bitcoin chart

As to why we are still bearish, it is because bitcoin is in the chart below, the 200 moving average continue trading (see figure 2), eds.). This 200MA is a very important level, found in the history of Bitcoin.
This should be the first to break, before heading back in the direction of $8.800, and a possible $9.700 to go.
As this growth has been, as we expect, then, once again, a correction to one of the golden pocket is around $6.900, which we mentioned in our previous analysis, highlights of.
The price would be more than anything to be able to shoot down, but not much more than $6.500.

Figure 2: bitcoin (BTC) chart (BitMEX)

Bitcoin (BTC) weekgrafiek

Bitcoin dips will be quickly bought, what good is it to be seen in the following weekgrafiek of bitcoin (see figure 3), ed. . There is a lot of support on the bigger time frame, we are now in a bullflag.
The chart looks positive and is expected to still increase, and we may see a “bear market” is still not going to happen.
As long as bitcoin’s dominance (ca. 66%) continues to decline, it is also recommended to take a look at altcoins, because that is definitely what trading is. However, this is not financial advice. The trade-in cryptovaluta is a very, very, very risky.

Figure 3: bitcoin (BTC) weekgrafiek (BitMEX)

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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.