Why Bitcoin will rise in the coming days?
Updated
The last 24 hours have passed without major changes for Bitcoin. The price broke through the $11,000 level several times but declined again. Market activity also decreased and many are awaiting a denouement. No serious news came to the market, so the upcoming movement fits into the framework of technical analysis and past news.
On the hourly timeframe, the "Symmetrical Triangle" pattern is clearly visible, which can either continue or change the trend. However, on the MACD and RSI indicators, we see an increase in the lows, which may indicate the continuation of the uptrend.
In addition, if you superimpose the Elliott wave structure starting from July 20, you can clearly see that we are now in the 5th wave. Its length can range from $500 to $700, which corresponds to an upward exit from the triangle.
It is also necessary to understand that many market participants are just looking at the bitcoin chart and have not made large purchases yet. As soon as they see consolidation in the range $11,000 - $11,300, they can provoke explosive growth of bitcoin price.
It is not in vain that such a large amount of positive news came out last week. It is done in order to drive to convince the crowd of the immutability of growth. And to do this, one or two strong upward movements will enough.
Therefore, the immediate goal will be to move to the $11,700 - $12,000 area.
On the hourly timeframe, the "Symmetrical Triangle" pattern is clearly visible, which can either continue or change the trend. However, on the MACD and RSI indicators, we see an increase in the lows, which may indicate the continuation of the uptrend.
In addition, if you superimpose the Elliott wave structure starting from July 20, you can clearly see that we are now in the 5th wave. Its length can range from $500 to $700, which corresponds to an upward exit from the triangle.
It is also necessary to understand that many market participants are just looking at the bitcoin chart and have not made large purchases yet. As soon as they see consolidation in the range $11,000 - $11,300, they can provoke explosive growth of bitcoin price.
It is not in vain that such a large amount of positive news came out last week. It is done in order to drive to convince the crowd of the immutability of growth. And to do this, one or two strong upward movements will enough.
Therefore, the immediate goal will be to move to the $11,700 - $12,000 area.
Note
Idea Worked Out in Positive
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