The market crypto opens with positivity this Monday 1st June. The price of Bitcoin continues to maintain the upward trend in intra-daily. If you want to know what can happen with the BTC during the week in course, stay to read this publication.
Technical analysis of the trend of the Bitcoin
Yesterday I published via Twitter by a idea of trading for the short term, where they forecast an early escape from the price of BTC above the psychological barrier at us $ 10,000, and a continuation of the momentum towards the USD 10.350 as a minimum.
The projection was done when the price was around a good area of demand, around us $ 9.400. Currently, the prediction goes a few points positive.
It is more than clear that my vision for the week is bullish for Bitcoin. However, there are some points to take into account to closely follow the trend, and be aware of potential changes of address that in the following paragraphs I give to know.
I take this opportunity to invite you to stay pending of my posts on Twitter, because that’s where I’ll be publishing ideas for crypto trading.
Trend in the price of Bitcoin in the short term
An excellent timing to display the trend for the following days is the 4-hour, currently indicating direction uptrend if we look at the EMA and 8 SMA 18 periods cross to the upside. However, you have to stay alert, because they are pretty together that could push them to give bearish signals quickly.
A change of direction for the very short term would occur if the support at USD 9.400 is conveyed effectively.
The SMA 200 periods is also giving positive signals, due to its location below the price.
Technical analysis of the trend of Bitcoin in the short term. Source: TradingView
It is always good to maintain a vision of the big picture to go in favor of one or the other tendency.
The time frame also is still spewing signals bullish, which reaffirms my idea of an early escape above us $ 10,000.
Up to now, the retreat of the great recovery of the Bitcoin was made, where the EMA and 8 SMA of 18 are currently crossed to the upside, functioned as dynamic media.
Technical analysis weekly chart BTC USD. Source: TradingView
The chart candles daily and also supports the direction bullish for the week.
The EMA and 8 SMA 18 are crossed in favor of this trend. The SMA of 200 days also, the product of their location below the price.
The bulls have been breaking continuous resistance, this being the main feature of a bullish momentum.
However, consider that on the daily chart, the price of Bitcoin remains in a range with resistance at USD 9.940, and support on approximately us $ 8.700.
The escape by either end will cause a movement volatile, and, as I have explained throughout this publication, see the odds in favor of a break by the top.
Technical analysis of the trend in the price of the BTC. Source: TradingView
All our publications are of an informative nature and in no case should be followed as investment advice.