Since the fall of the previous week, Tuesday seems like bitcoin is the right time to restore it. Starting at the bottom of this is for bitcoin, even with a ten per cent increase! What drove this increase? And what can we do, this week, the price of bitcoin get?
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Pay close attention to causes for the increase in price
One of the factors contributing to the increase is the difference between the market price and the RSI. Divergence means that the price lower and lower bottoms, whereas, the RSI, the higher the soil does. That is, it is usually a good sign of a recovery.
This is to pay close attention you can see in the chart below, in return. You will see a downward trend in the bitcoin exchange rate and a rising trend line on the RSI.
Want to know more about the indicators such as the RSI? Then check out this page for more information.
At all times be positive and
Another positive sign is that the price of a double bottom has been formed. And that’s usually a signal for a further rise in the share price. Along with the divergence that we have just discussed, this was most likely the popularity to increase, etc.).
The double bottom can be seen when you see the price chart on the four hour set up:
On the way to a very important point of support
In the last few days, all eyes are focused on the 200-day Moving Average (MA). A lot of analysts are stating that you are of a bull market as the stock price is above this line.
The upward trend is intact, it is important, therefore, that the bitcoin price is above this line. And on the euro chart is now:
Yes, we are going to have to rise! Or don’t you? On the dollar chart, you can see that the price of a bitcoin is still a below-the-line move
And it depends on the price of bitcoin, even between stock exchanges. The truth is probably in the middle of it.
The price of bitcoin is now moving closer to the 200-day MA. It is only when the stock price is a convincing move up or down to be able to provide, we are able to say something about the trend in the long term.
Out: bitcoin is looking old trend is back on
Is bitcoin are now all of a sudden in a downward trend? This does not need to be at home. In fact, it may even be the case that the direction of an old trend has returned. Which line do we have on the chart, in blue is shown in the diagram.
Remains to bitcoin in this line have? The course, first important resistance level to overcome. The resistor you see in the orange bar on the graph, and between 7,700 euros and are 7.800 euros. At the beginning of 2018 and may of 2019 at the latest, this was the zone to be relevant, and it can also be a barrier:
Where will the bitcoin price go?
Bitcoin seems to be down to the recovery had started. However, in the cryptomarkt, anything can happen. This is why we take a positive (bullish) and negative (bearish) scenario.
Bullish
As the price overcomes the resistance and continues to rise. However, around 8.700 euros, we will find a strong resistance level (red). This area has been very significant, and even now, at this level more relevant.
Bearish
Breaks down bitcoin is the bottom line, then, we find the first support at the height of 6800 euro (in green). In the most pessimistic scenario, it drops to the bitcoin to 5,500 euros, it was the very end of 2018 is an important support.
Also, this week, you now have the chance to create a Ledger is the Nano’s to be won!
Doing so is simple: what do you think the bitcoin price is on Monday, October 7, at 12:00 am? Take the price in euro on our web site.
Comment below to join the fun. That’s what you can do until this Friday at 12:00 am. Don’t forget to get your e-mail address so that we can contact you if you win.
Next week Monday we will announce the winner. Best of luck!