The price of bitcoin last night was able to rise above the psychological level of $6000 for one digital coin. At the moment, BTC/USD is trading at $6350 on the Bitfinex cryptocurrency exchange.
According to the Technical Analysis (TA), the BTC/USD chart tests again the lower line of the «descending triangle», in which the BTC/USD pair had been trading from the beginning of November 2017 to the beginning of April 2018:
Theoretically, the lower line of the triangle, which is near the leverl of $5750, may act as a support level for the bitcoin price and the BTC/USD pair may bounce back from that level.
However, on the three-hour (3H) timeframe, BTC/USD is moving in a downtrend:
Although the BTC/USD chart is currently testing the trend line, it still remains within the downward trend. That is why, from my point of view, at the moment there is still no reliable signal to buy bitcoin.
I will consider the purchase of cryptocurrency only if on the three-hour timeframe the price of BTC/USD will go up and go above the down-sloping trendline.
To be continued...
That is a good news to hear, STEEM is up 17% for now!
@yanipetkov, ok!
It's a bad news but I hope that it will go higher and higher again
@khirud, in the long run, the price of bitcoin will hit $100 000. Hopefully, in 4 or 5 years.
yaar you are true and I hope that you visit my new blog
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