Bitcoin price analysis: recovering bitcoin is the second largest fall of 2019? – Breaking News

While you’re at yesterday’s, from the nine-to-five work, it increased the bitcoin share price by more than five percent of the time. For the first time in four days, we will be back on it once a day in the green on the finish. How did this increase come about? And what more can you expect from bitcoin?

See the live bitcoin exchange rate

Contents

Bitcoin is out of the channel is broken

From the beginning of October, which moves in the direction of the bitcoin is in a downward channel. That means that you will see on the chart below. The course extends for a long period of time between the two trend lines in this.
But this is the way forward for the channel to be broken. And usually, this kind of thing happens with a big move like yesterday, it is done. That is what we have on the graph of the circle.
Does this outbreak, that is, the downward trend of the last couple of days at the end?

Bitcoin provides three times the support in a very short period of time

What is remarkable is that bitcoin is already three times the support found at the same level. You can see this by the green arrows in the chart. This indicates that the zone is between 7.100 and 7.300 euro, in each case, for the present, a powerful support.
Can we say that we have bottomed you have found? That may be a bit premature. For a period of time, it seemed, for everyone or is less than 8500 euros, the bottom was in. And we all know how that ended. Hint: you can see this by the red cross.

Pay close attention to and concern for the rise in share price

On a daily basis, we can see something positive in the form of a divergence. The price goes down and makes lower bottoms. But, meanwhile, the RSI is higher in the soil to see. This difference is called divergence. This kind of divergence is a positive sign, it could mean that the downward trend turned into a rising trend.

What is the bitcoin exchange rate now?

Bitcoin seems to be, since the drop in the peace of mind to go to. What is the price now? We will describe two scenarios: a positive (bullish) or negative (bearish).

Bullish
Rising bitcoin in the next few days, we will find the first resistance is around 8.500 euro. This is an old support from June until the end of september. In addition, it may also be the case that the rate of resistance is affected by the declining trendline (red).
Breaks down bitcoin with the two levels? This is a bullish sign. It could mean the end of the downward trend of the past few months.
Bearish
The area between 7.100 and 7.300 euro, it seems to be a strong support to it. But what if the support is breaking? In the worst scenario, it drops to bitcoin, then to 5,500 euros. It is in the very end of 2018, a strong support is in evidence.

Cryptocurrency Market