Technical analysis bitcoin: daggrafiek
Bitcoin’s technical condition has improved significantly since the last update. For quite some time, the price hovered below a resistance area between around $50,000/$51,000. On Sunday evening, the price clearly broke above this and closed the daily candle above the top of August 23.
The breakout resumed the upward trend. That rising trend was started at the end of July after the price showed several breakouts. Since then the chart has shown a pattern of increasingly higher tops and bottoms, which marks the characteristics of a rising trend.
It is also positive that both the EMA55 and the EMA200 are running upwards and the price is moving above them. Moreover, the recovery is widely supported, as Ethereum and other altcoins are also showing nice gains.
A recovery towards the tops between $59,000 and $65,000 is now obvious. It is important that the price does not fall back below the support zone formed around $46,000. If it does, the upward trend will be broken.
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