Bitcoin Is Turned More Bullish After Reaching The Resistance
After hitting the highest price of 2019 at $13880 the price action has formed a down channel.
The formation of this channel was started since Jun 2019 and sofar the price action of Bitcoin is not able to breakout or breakdown this channel.
In the month of Nov the pricline found a resistance at $7772 and finally broke out this resistance on 7th Jan 2019, the price action has hit the resistance of the cannel as well and now the positive this is that the price action is consolidating above the previous resistance of $7772 its mean that the Bitcoin has accepted this previous resistance as new support and the priceline is now moving between this support and the resistance of the channel the Bollinger bands is also moving up which is another confirmation that the price action will not breakdown this support and either it will be moving here sideways or it may have breakout from the channel.
There are some more factors which are differentiating the current price action’s move from the previous moves within this channel for example this time when the price action has hit the resistance of the channel the 100 simple moving average has crossed down the candle sticks and gave a very firm support at this level moreover the 50 SMA is moving from down to up to form a golden cross with 100SMA and then 200 simple moving average and the 200 SMA is moving down to cross down the priceline and this situation can produce a really very powerful bullish divergence which can lead the price action to hit the resistance at $9800 and in case of breaking out this resistance the price action may try to break next resistance at $12325.
And the exponential moving average 10 (in blue) and EMA 20 (in red) both have crossed down the price action of BTC and formed a bull cross below the priceline and lifting the price action up very smoothly.
And on week chart finally in directional movement indicator the +DI has crossed up the –DI and formed bull cross.
The moving average convergence divergence (MACD) has already turned weak bearish from strong bearish and stochastic has given bull cross.
The Chop zone is also turned weak bearish from strong bearish.
And if we see the Fibonacci sequence of the price action then after hitting the highest price in Jun 2019 the price action has retraced an ideal Fibonacci retracement upto 0.618 Fibonacci and here it has hit the 100 simple moving average support and having bounced from here.
And this retracement has formed a big bull flag on week chart and soon we can witness a breakout from the bull flag.
I will be keep posting more updates on BTC moves with more developments.
Regards,
Atif Akbar (moon333)
The formation of this channel was started since Jun 2019 and sofar the price action of Bitcoin is not able to breakout or breakdown this channel.
In the month of Nov the pricline found a resistance at $7772 and finally broke out this resistance on 7th Jan 2019, the price action has hit the resistance of the cannel as well and now the positive this is that the price action is consolidating above the previous resistance of $7772 its mean that the Bitcoin has accepted this previous resistance as new support and the priceline is now moving between this support and the resistance of the channel the Bollinger bands is also moving up which is another confirmation that the price action will not breakdown this support and either it will be moving here sideways or it may have breakout from the channel.
There are some more factors which are differentiating the current price action’s move from the previous moves within this channel for example this time when the price action has hit the resistance of the channel the 100 simple moving average has crossed down the candle sticks and gave a very firm support at this level moreover the 50 SMA is moving from down to up to form a golden cross with 100SMA and then 200 simple moving average and the 200 SMA is moving down to cross down the priceline and this situation can produce a really very powerful bullish divergence which can lead the price action to hit the resistance at $9800 and in case of breaking out this resistance the price action may try to break next resistance at $12325.
And the exponential moving average 10 (in blue) and EMA 20 (in red) both have crossed down the price action of BTC and formed a bull cross below the priceline and lifting the price action up very smoothly.
And on week chart finally in directional movement indicator the +DI has crossed up the –DI and formed bull cross.
The moving average convergence divergence (MACD) has already turned weak bearish from strong bearish and stochastic has given bull cross.
The Chop zone is also turned weak bearish from strong bearish.
And if we see the Fibonacci sequence of the price action then after hitting the highest price in Jun 2019 the price action has retraced an ideal Fibonacci retracement upto 0.618 Fibonacci and here it has hit the 100 simple moving average support and having bounced from here.
And this retracement has formed a big bull flag on week chart and soon we can witness a breakout from the bull flag.
I will be keep posting more updates on BTC moves with more developments.
Regards,
Atif Akbar (moon333)
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