Yesterday, Bitcoin has demonstrated good growth and emerged just above the upper boundary of the symmetrical triangle on 4-hour chart.
While it remains in force for three key factors:
- price continues to consolidate within the triangle;
- the upper boundary of the pattern is broken, which is a good signal for further growth;
- technical indicators indicate the extinction of the local uptrend.
When will start new bullrun in the long run? To this question tried to answer in the Platform.
How to trade Bitcoin
Moving averages line (100 SMA and 200 SMA) not yet passed through a bullish crossover, so expect a rapid growth within a few days is not worth it. However, while the Bitcoin price continues to hold above the 200 SMA line is the dynamic support.
If a bullish crossover is going to, Bitcoin could jump to the top point of the triangle on 4-hour chart. Now she lies in the area of 8400 dollars.
Technical indicators (stochastics, RSI) signals oversold. Because of this, the value of the asset rolled up to just below the 6660 dollars. If the top line of the triangle will not keep the price, next support is at the level of 6400 dollars. RSI is still creeping up, so the situation is controlled by the bulls.
From the point of view of fundamental reasons the rise may begin the first of October. We will remind, this day the lifting of the ban on advertising crypts in Google officially enters into force. This will spur the interest in Bitcoin by the public and well-known media.
The altcoins market is also gradually recovering after the global correction. This month, some coins had to rise in price in 2-3 times. The first profit to investors brought a Ripple, followed by today’s pump Electroneum.
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