BITCOIN - THE MOVE TO $15,000 / RISING WEDGE.
The Bitcoin 11.84% price has gained some bullish momentum ever since the last catastrophic decrease that hit the market, according to the graph we could see some further bullish action coming it's way, however, from the graph we have got some bearish patterns that may be indicating otherwise. A lot of people have been speculating that prices may fall to $8,500 as a major support, I would not believe that to be true. The rising wedge on this graph should be closely watched in co-ordinance with the resistance (indicate by the orange line), this will signal whether we are about to break up or break down.
Rising wedges are typically bearish, however, there is a chance we may break above the tension and pop through the resistance which may end up in prices heading back to the $15,000 area.
Link to analysis- MACD - Not added to this analysis as on the timescale it was not showing any relevant indications that you want to take into consideration.
- RSI - Not added to this analysis as on the timescale it was not showing any relevant indications that you want to take into consideration, however, it was nor oversold or overbought but was still circulating in the higher section which usually is a bit bearish .
- Orange - Resistance.
- Pink - Support.
As always trade the lines accordingly.
Thanks for sharing
Anytime man!! Thank you for your comment :)
Great for intraday traders👍
Thank you man !
We shall see.
We shall.
Great post! I hope you are right. I just feel like with all the FUD floating around things are still a little shaky. But like always only time will tell. Regardless though I know we will bounce back and set new all time highs in 2018. Its a good time to be in the crypto! Cheers!
still a little shaky today as well, yes we certainly will. No problem man, thanks for the comment!
Nice TA man ;D
Nice Post! I'm seeing a very similar situation that after breaking the $12.8k price resistance earlier today, its just a waiting game to see what happens at that supply zone @ $14.5k. Most likely a small bearish move back towards $12.8 before a rally.
nice one man! Love your TA, yes true. Thank you for your comment ;)