Whilst the Bitcoin price action may seem bearish to some, the leading digital asset has several bullish indicators that hint towards an imminent recovery.
As Bitcoin enters the last month of 2019, will the king of cryptocurrencies finish on a bullish rally, or fall to a yearly low?
Multiple attempts were made to break $9,500, but this failed to materialize and what came next was three and a half weeks of pain as Bitcoin plummeted to around $6,500 on Nov. 25.The good news is that Bitcoin seemed to bounce off its new floor and quickly gained over $1,300 from it's low, changing the trend on the daily chart from bearish to bullish.
The Moving Average Divergence Convergence indicator shows that Bitcoin seems to be on target for a bullish cross when the daily candle closes.
The Bitcoin CME gap has become quite the tradable event lately in recent weeks, the gap has been below the weekly open but this is not the case this forthcoming week.
On Nov.29 the CME market closed at $7,800 and at the time of writing, Bitcoin is currently trading at $7,300.
The weekly Bitcoin chart shows that the support on the Bolinger Bands indicator has been broken twice in as many weeks.
If the RSI had been reading 50-70 then traders might have decided against buying Bitcoin this coming week as this would have been a signal to hold off for a little longer.
Bearish scenarioDespite the bullish outlook provided by this analysis, Bitcoin's price is still sitting slightly above the moving average of the Bollinger Bands on the monthly chart.
Bullish scenarioWith a pending bullish MACD cross and the possible CME gap-fill to $7,800 this week, traders could look for Bitcoin to hold $7,800 as a new level of support.
3 Key Metrics Suggest Bitcoin Price Has Completed Its Macro Bear Cycle
gepubliceerd op Dec 1, 2019
by Cointele | gepubliceerd op Coinage
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