Ten percent off, ten percent of it. That you won’t find anywhere else, then the price of bitcoin. Cryptocurrency is still a young market, and they can see that you are back on track. Yesterday it popped up bitcoin for quite a while, under 6000 euro. That Was the real bottom?
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The Indicator was positive in the
Take a look back to the past couple of days. The Relative Strength Index (RSI) is an indicator of the momentum of the stock price indicates. In the image below, you can see that the RSI is at the bottom of that page. The RSI can also be used as a tool to get to the bottom of this determination.
The Relative Strength Index (RSI), said that bitcoin is oversold, the lines are below the purple band. Oversold means that there is a short period of time a lot of bitcoin is being sold. This can be a signal that the downtrend is over. There will be more bitcoin to be bought and that drives the price up.
However, there is one other thing. The bitcoin exchange rate (top graph), makes lower bottoms. You can see this by the falling trend line. Meanwhile, the RSI is a growing movement. This difference is called divergence. In this case, it is a positive sign, the share price may be back up and running.
That was also done in one day, rose bitcoin is more than ten per cent!
Price may continue to rise
We can zoom in to what is in the chart, each candle on the chart represents one hour. You can see that the recovery is very quick, it is gone. Did you get just on the bottom and want to buy them? Just yesterday, your alarm clock set to 07:00 pm, and at the same time, have to buy. And then you’ve got more than thirteen percent of the time.
At this point, seems to be the direction of an inverted head-and-shoulders formation. The shape of the formation is in the name. You will see that there are two shoulders with a head in between them, but in the opposite way.
The green line is the neckline. In an inverted head-and-shoulders, the neckline and the key resistance is broken it must be. Breaking the bitcoin price is the neckline? It is to the target price to be equal to the distance between the bottom and the neckline. This would mean that, in the course of 7,500 euros.
And that increase is certainly welcome, as it is of bitcoin for the last couple of weeks and if you don’t have the top of a falling trend line break out. Which trend do you see in the graph below, in blue). In addition, the green line, including in the long-term, important resistance. At the end of October, it is still a support, and this seemed like as the base.
The long term is still in a downward channel, and the last time in 2019?
We zoom out from the graph. You have to look at the bitcoin exchange rate from October of last year through to the present day.
In our koersanalyse of last Friday, we reported that there is a light at the end of the tunnel, as you say. The value of a bitcoin is moving between the two trendlines that are parallel to the down run. In case of an outbreak, at the top, we can look up. Has bitcoin done for the last time, the bottom line is irrelevant. It gives more faith for a new bull market.
RSI is at a historic low, and that’s a positive
Now, we combine these two graphs. Are you looking for the bitcoin exchange rate on the four-hour level, as well as the RSI. In a little over a year’s period of time, the RSI has never been at a low ebb. If you go purely based on the RSI indicator, the price to be a turning point to make.
Exactly one year ago, bitcoin, the bottom has not been found. Bitcoin started only recently to have been free-falling in the direction of the 2,700-euro. Now, the cards are turned somewhat. The course has, the lower trend line is touched. The way it is now for a rise towards the upper trend line.
Our expectations on the bitcoin price
It Is the bottom for bitcoin really been found? Or, will the market still go down further? Keep your cool with our fresh scenarios.
Bullish
Rising bitcoin out of the inverted head-and-shoulders, and the blue trend line, the price in the next few weeks, in the direction of 7.800 euro to rise. This is the red resistance in the graph below. Increases in the price also, since everything, then, is to clear the way for a rise towards the top of this year, approximately 12,200 euros.
Bearish
But the drops in bitcoin? You will find that the price to the first support at the bottom of the rose, by 6,000 euros. Drops in bitcoin through it and breaks it, the price at the bottom of the bull flag, then we can find its first support at more than 5,400 euros.