Bitcoin has gone through a significant bullish movement that has seen its price rise 190 percent since the low of Dec. 15, 2018, when it was trading at $3,130.
The bearish signal comes after bitcoin reached the setup trendline at around $9,000 and found strong rejection around this area.
On the way down, the moving averages could serve as support to hold the price of bitcoin from dropping further or as bounce off points.
These two weekly moving average could act strong support points if bitcoin pulls back from its current trading range.
These price points have acted as barriers, preventing the price action of bitcoin from getting pushed up or down.
To the upside, if bitcoin continues rising it could find resistance at $9,600, but breaking above this level could take it all the way up to $11,000.
Bitcoin has been trading for five consecutive weeks above the upper Bollinger Band, which has been acting as support during this time span.
At the moment, the middle band or 20 MA that sits around $5,300 will act as support if a drop was to come, based on this indicator.
Based on the indicators previously analyzed, it seems like bitcoin could be preparing for a correction.
If bitcoin is able to move above the recent high of $9,090, it may reach the next resistance point at $9,600.
Bitcoin technical analysis, is a pullback on the way?
gepubliceerd op Jun 3, 2019
by Cryptoslate | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.