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.
Want more frequent updates?
Are you interested in daily analysis? Then be sure to take a look at our FREE Telegram Group: @YourCryptoLibrary
For the fanatics, we also have an international VIP Group with daily calls(tips), valuable information and the channel for all your questions. For more information, please visit this page: YourCrypolibrary VIP Group.
Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involve a substantial risk of loss and is not suitable for every investor. You are responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.