Bitcoin

11.500 dollar, the last major hurdle towards an all-time high

Bitcoin seems to be some calm to the wild this past weekend. Slowly, but surely, creeps into the cryptocurrency back up, it will be possible to the bitcoin this week to $ 12,000 at that.

On the way to the top fixes it

This past Sunday was the bitcoin exchange rate to slip to $ 12,000 (10.186 million). But, as yesterday’s analysis on YouTube and looked up the price and then, in a quarter of an hour down. This was due to a lung squeeze, but there are also other things that are involved. The first chart below shows the bitcoin price, and the chart below the Relative Strength Indicator (RSI).

The RSI is an index between 0 and 100 that is to build on the momentum of the price chart. In this graph you can see that there is a difference, that is, the RSI-otherwise, it moves the bitcoin price. The RSI shows the two lower successive peaks, with the bitcoin exchange rate just as higher tops, it makes. This is what happens, then, is that a good sign of a downturn. This is on a Sunday, then it happened, the price fell by nearly 13 per cent.

What was that, is that the RSI is overbought it was. You can see that the orange line is above the purple tape came out. This means that the price of a single bitcoin in a very short period of time, too hard, rose, and a fix is in place.

The good news is that the RSI is around the 50 to move in the middle of the violet band. The price will be after the fall of this past weekend, some to relax, and now have plenty of room to continue to rise.

A strong resistance is at $ 11,400

After the rapid decline, Sunday, 11.440, the $ 9.708 euros), to be a strong resistance. The resistor you can see on the chart below, the red line). The graph focuses on the short period of time, each candle represents one half of an hour.

Want bitcoin is once again an attempt to get to $ 12,000 (10.183 eur to break through? The price of the red resistance to fire. At this point, seems to be the direction and slowly in the direction of the red line to move the green line will also serve as a support. Every time the price goes down, then price up the touch-line. The valleys are getting higher, and that is a positive thing.

Also, a host of on-weekniveau

But, we will zoom out on the graph, we can see that bitcoin is still a major hurdle to take. You have to look at the weekgrafiek of bitcoin, by the end of 2017 and through to the present day. The red line on the graph is 11.500 dollars (9.751 million).

Why is it that the red line is so important? Already in January 2018, the bitcoin is not managed for the week and a higher close than we wanted to. I manage to sometime in the next few weeks, however, there is almost no resistance any more to the highest point of all time. In mid-december 2017, reached a peak at 19.900 u.s. dollars (16.870 million).

So what can we expect to see from bitcoin?

In order to be able to see where the course of the next few days to go, we need to go deeply into the chart to zoom in. We’re looking for the price for half an hour, and you can see the race from the 27th of July through to the present day. We will describe both the positive (bullish) and a negative (bearish) scenario.

Bullish

The yellow line is at the resistance of $ 11,400 (9.708 million). Manage the bitcoin in order to get through this is to break it? It is, paving the way for a new attempt to give $ 12,000 (10.186 euros) here as well. At this level, with the upper red line is indicated.

Bearish

The exchange rate is no support for find out more on the rising blue trend line, then we will be the first to support it back in less than 11,000, the $ 9.320 million). This is the red line on the graph. When the price is too below, then it is the next focal point on a 10.600, the $ 8.981 million), and the lower red line on the chart.

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.

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