It’s been extremely exciting times for the bitcoin price. The views and opinions of the analysts, on the internet varies widely. There are some who believe that it is a breathing space for a new wave of up and others think that this may be the start of a new bear market, it may have been.
Therefore, we have developed our analysis in this week’s split in two. Are you positive and do you believe in the bull market? Please read on!
But, if you believe that the decline is not over yet, be sure to check out our other article:
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Contents
In review: bitcoin price breaks out of the bottom of the triangle
In the past few months, it was impossible to koersanalyse of the us open, and we were talking about ‘the triangle’. But we’ll get him in there one last time to look back.
On the Tuesday of the race with a lot of force to the base of the triangle is broken. That led to a fall of more than twenty percent of the time.
Now it looks like the share price to stabilize at about 7.300 euros. In this zone, we have to be indicated by the green bar. This level is consistent with a number of tops and bottoms in may and June. It may well be that this level of support provides a short-term basis.
The downward trend in bitcoin may soon simply be over. If we look at the uurgrafiek of bitcoin, you will see that we have a negative divergence. The price makes a lower bottom, but it is an indicator (here the RSI) allows for the higher bottoms are visible.
This difference, we present in both tables at the blue trend-line. In many cases, the variation of the divergence for an increase in the short-term.
And that will turn into an increase, not a crazy one. The Relative Strength Index (RSI), will be for quite a while, that bitcoin is heavily oversold, it is. As the RSI indicates momentum of the share price, compared with the closing price of today and yesterday. This produces an index between zero and one hundred.
A value less than a period of thirty (bottom of the purple band means that bitcoin is in a short amount of time, it is being sold. And that’s a positive sign, it could mean that the trend will soon turn around.
The bitcoin exchange rate is now support.
How bad is the decline in the long term. If we use the graph to zoom out, we see something that can bring hope.
Here you can see the bitcoin exchange rate on weekniveau. The green line is the 200-week MA, and the orange line is the 100-week MA.
In 2016, it increased the bitcoin price is above the 100-week MA. But for the price it would have been right then. At first, the line was still being tested. This means that the direction of the line of touch before it, the key was found. This is the time of testing, we have on the chart, as indicated by the green arrows.
It is possible that the exchange rate with the 100-week MA will have to test it. In this case, the exchange rate of bitcoin for the next few weeks, steadily move up.
Where will the market go?
In order to answer this question, we combine in the chart below, two things. The 200-day Moving Average (MA), the green line, and the Fibonacci sequence are in the areas with different colors.
First, should bitcoin be above the 200-day MA is seen to be increasing. In this case, the bull market will remain intact. The next target is the next level of Fibonacci ratios. That is around 8.600 euros. We can expect the bitcoin price to that which the resistance can be felt.
Do you think it is now too optimistic? Be sure to Check out our berenartikel:
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Headerafbeelding by Eva K., edited