Bitcoin Bullish Again
Bitcoin 1 Week Chart
First Bullish MACD cross since the start of the bull run last year in October, RSI is also bullish. Bollinger bands squeezing showing low volatility, current price action settling midway between the bands which will allow for a lot of upward potential. Low volatility is also a sign of strength in the current price range. Triple bottom reversal acting as strong support around 5800usd area. Bearish descending triangle pattern if not broken out of could force BTC back down to this area but if challenged will hold. Expecting for the Bearish descending triangle to be broken out of, volume to increase and run to 11700usd resistance to be met. Along the way 8500usd and 10000usd will be strong resistance.
First Bullish MACD cross since the start of the bull run last year in October, RSI is also bullish. Bollinger bands squeezing showing low volatility, current price action settling midway between the bands which will allow for a lot of upward potential. Low volatility is also a sign of strength in the current price range. Triple bottom reversal acting as strong support around 5800usd area. Bearish descending triangle pattern if not broken out of could force BTC back down to this area but if challenged will hold. Expecting for the Bearish descending triangle to be broken out of, volume to increase and run to 11700usd resistance to be met. Along the way 8500usd and 10000usd will be strong resistance.
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