After the halving, expect some analysts to be fireworks, but it’s actually very peaceful around bitcoin. Since the halving moves the bitcoin price is in a range between 7.900 usd (7.280 euros) and the 8.200 dollar (7.550 euro). What can we do over the next few days bring?
The big move is coming, bitcoin is in a split
In the chart below we are looking at a short-term, as you look at the uurgrafiek (expressed in u.s. dollars. There seems to be a big move coming up, because the bitcoin price is moving inside a triangle.
In technical analysis would call this an ascending triangle (or rising triangle). The top of the triangle is a horizontal line, which is a strong resistance.
The base of the triangle is a line that is sloping upwards. This trend line is a strong support for bitcoin.
Breaking the price out of the triangle? It is the increase or decrease of about the same size as the opening of the triangle on the left-hand side. In this case, it means that the price can go up to 9.800 usd (9.030 euros), or to decline to 8.100, the $ 7.460 million).
Is often said in the previous movement, a lot of which direction the price breaks out. Prior to the course, a triangle was formed, there was a sharp decline. This would mean that, in the course of this time and time again fall. But bitcoin will let us delight, therefore, an increase in the close, we are certainly not out.
The long-term support of 8,500 dollars
We focus again on the chart. You have to look at the chart of bitcoin, to the end of June last year through to the present day.
The price bounced in the last couple of days, at no less than 8500 dollars (7.830 euro will go up, and that’s the blue line on the graph.
That seems to be for the time being to be a strong support to it. As you can see on the chart that this level was important. In October of last year, for example, a large resistance (second red arrow), and earlier this year, a support (green arrow).
In the long term is still in a rising channel,
We zoom in slightly on the chart, but any candle will remain on for one day.
Since the middle of march, it seems the price is moving in a rising channel. This means that the stock price is between two parallel trend-line that moves in this case up.
Continue the price move in the channel of understanding. Then it would be a drop in the direction of 8,500, the $ 7.830 euros) is not bad at all. As long as the price find support at the lower trend line continues to rise, will remain intact.
What can we do in the next few days, the bitcoin exchange rate to expect?
It will be exciting to see where the direction of the triangle break, it can go fast. We will describe two possible scenarios for the coming days, bullish (positive) and bearish (negative).
A breakout from the ascending triangle, it means that the price will quickly move to 9.800 usd (9.030 euros), you can shoot it, but then the price of the green belt will break. That is, the resistance is around 9.100 usd (8.370 euro)
But what happens if the share price falls? Most likely to find bitcoin support to 8,500 of u.s. dollars (7.820 million), which is the red bar on the graph. Into the price even lower, than it is to 8.100, the $ 7.460 euros) to the second zone.