#Bitcoin : We still TRUST Bitcoin When Needs Time Too.
Updated
#Bitcoin_Update
Bitcoin has been trying to move above the 20-day EMA for the past two days since June 12 which can be taken as a good bullish trend beginning. Current bulls strength seems to give Bitcoin a good boost up to the next major resistance at around 9090 USD and before that needs to test the resistance line formed by the long term falling wedge triangle from the ATH candle created in Dec 2017. A breakout of theses resistance will for sure help Bitcoin to head to 10,000 USD. The 20-day EMA has started to turn up in to a bullish indication state once again and the RSI is trying to remain in the positive area of accumulation for now. Besides this MACD is also crossing each other and changing into a bullish indication for the short term which makes all the above stated indications on favor of the bulls. Remember we might have the possibility of testing the formed support line for the created upward channel between 7900 USD and 8100 USD too.
On the other hand However, if Bitcoin couldn't manage to break out the 9090 USD level it will be in a bearish move forming the right shoulder of the developing head and shoulders (H&S) pattern. But this bearish trend will be confirmed until the formed H&S neckline is broken out and close below it. If the breakout of the neckline is confirmed we will most probably be heading first to 7400 USD area and further to 7100 USD and 6800 USD areas.
Bitcoin has been trying to move above the 20-day EMA for the past two days since June 12 which can be taken as a good bullish trend beginning. Current bulls strength seems to give Bitcoin a good boost up to the next major resistance at around 9090 USD and before that needs to test the resistance line formed by the long term falling wedge triangle from the ATH candle created in Dec 2017. A breakout of theses resistance will for sure help Bitcoin to head to 10,000 USD. The 20-day EMA has started to turn up in to a bullish indication state once again and the RSI is trying to remain in the positive area of accumulation for now. Besides this MACD is also crossing each other and changing into a bullish indication for the short term which makes all the above stated indications on favor of the bulls. Remember we might have the possibility of testing the formed support line for the created upward channel between 7900 USD and 8100 USD too.
On the other hand However, if Bitcoin couldn't manage to break out the 9090 USD level it will be in a bearish move forming the right shoulder of the developing head and shoulders (H&S) pattern. But this bearish trend will be confirmed until the formed H&S neckline is broken out and close below it. If the breakout of the neckline is confirmed we will most probably be heading first to 7400 USD area and further to 7100 USD and 6800 USD areas.
Trade closed: target reached
#BTC_Update
After our bitcoin update on June 14 Bitcoin just pumped up to the 9400 USD area as we have exactly said it. Hope you all achieved at around 13% profits by this call in just less than 48 hours. Cheers and Congrats to all. More detailed updates will be available shortly. Stay Tuned.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.