The week started off hit and miss, but yesterday’s shot is the bitcoinkoers sum of ten per cent to be raised. With this increase, the price is well above $ 7,000 (6.465 million). May be bitcoin is to this trend, this weekend will hold?
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Bitcoin is breaking out, but haven’t fully committed to
The good news, in any case, there is a bitcoin of a trend line is broken. This line extends from February through to the present day. Every candle on the chart represents four hours. In the circle, you can see the breakout of the trend line is more clearly illustrated.
The outbreak was found to be positive for those of you who are hoping for a rise in prices. Up to now, the bitcoin is only a total of five times and failed to get out of the downward trend line to be broken. Now that that’s worked out pretty well for the possibility of further increase is greater.
It is possible that the direction of the trend the first time it was tested. This means that the share price trend line, again, to look up to, before it works its way up to find.
Also, resistance is broken
For the past few days made the course no less than five times in order to have a major resistance to break through. This resistance is the red line on the chart, with the 50-day Moving Average (MA). In plain English, is that it is a moving average of past 50 days.
In the past few weeks, it decreased to the value of the bitcoin when the price of an attempt was made to take the red line to a halt. Today is the first day since march that the price is above the 50-day MA is.
A breakout above the 50-day MA, it is a hopeful sign. For the last time, bitcoin is top of the line is increased, it was at the beginning of this year, the green arrow is on the chart. In a little over two months into the course, with more than 40 percent.
We have a bottom yet?
We focus a lot on the graphics, as you look at 2014 and up to the present. In the chart below, the bitcoinkoers, it is the Relative Strength Index (RSI). This is an indicator that is momentum of the share price shows. According to this indicator, it is just that we are in the bottom of them.
This requires a bit more explanation. RSI is a number from 0 to 100. At the top of the purple band, bitcoin is overbought. For the price, it is hard to increase, and, in most cases, this will lead to a fall.
At the bottom of the band, bitcoin is oversold. This means that the share price long-term value has declined, or that the market price in a short period of time significantly decreased. That was back in march, it is the case.
A low value of the RSI shows the price of space to rise. On the graph, you can see the two prior occasions that the RSI is at the bottom and moving up. Both times took bitcoin to the ground and was followed by a major increase in place. In the year 2015 to be at the top of 2017, rose bitcoin with 8.760 percent in 2018 to 2019, with a 335 percent increase.
The Momentum is positive
Also, on another scale, we can see that the momentum is positive. Are you looking for the bitcoin exchange rate from 2019 onwards, up to now, each and every candle on the chart still remains, a week before that.
The bottom chart is the MACD, another indicator that the momentum of the stock price can have a look. This indicator is good to see.
The MACD is a derivative of the fast MA (12-month Moving Average), and is a slower MA (26-week Moving Average). In most cases, the MACD and the direction of the trend: up or down.
It crosses the blue line, the orange line? Then, you can see that the green bars are, the trend is positive. In TA language, which is also referred to as a bullish cross is mentioned. In 2019, the first bullish crossover of an increase of 335 per cent., and at the beginning of this year has increased the price by more than 40 percent of the time.
At this point, it might still be a little early to make a judgment on the MACD. However, you can see that the red bars are the lighter color. This means that the negative momentum is weakening, it is. Is this still going on, it can turn into a positive momentum. And that is in it for the long term, is a very good sign.
What do we expect from the course?
Our expectations don’t change a lot compared to our previous analysis. However, we are more optimistic due to the break of the blue trend line. But we have to remain objective, so we have drawn up two scenarios. In the positive scenario, you can see in the chart below, the green arrow is the negative of the red arrow.
Bullish
Keeps the price above the trend line, then it is 7,400 dollars (6.830 euro) is the first point of resistance. To succeed, the bitcoin to break out, and then 7.800 dollars (7.200 euro), in the line of sight.
Bearish
But what if the price terugzakt? Will bitcoin be supported on a 6.600, the $ 6.090 million), and the orange line on the graph. If the stock price is also there, it emerges, then, is the next support, 5.800 dollars (5.355 million). That is, the red bar on the chart, it has already twice been found the bitcoin, there is a support.
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