BTC/USD Weekly Chart
Bitcoin started the week with a lot of bullish momentum and is looking like it finally got out of the eight-month descending channel. We also have the MACD finally crossing above the signal line; last time we had a bullish MACD cross was almost exactly one year ago.
Will we be able to close the weekly candle above the 0.5 Fibonacci retracement and the top line of the descending channel? I think so. There's also the 21 weekly EMA (yellow) that will probably act as our support in the upcoming weeks.
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BTC/USD Daily Chart
Looking closer at the chart, we have a huge green candle starting exactly at the 200 day MA (grey) - previous resistance (finally) becoming support. However, there are also some bearish signs: we have bearish divergences on the RSI and MACD and the RSI looks that it just can't make it above the upper reference line. Very important for the bulls now, is to really see that 200 day MA acting as support in the upcoming period.
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Your thoughts about Bitcoin's next move.
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Btc will drop to $ 5000 as a final buying opportunity. Then it will start the bull run and reach the $ 50000 level.
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I'm also considering the 5000$ range as a super-buy opportunity. Let's see how things will turn out.
Cheers!
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I think bitcoin price will rise up to 10k$ because of the uncertainity and loses in the stocks exchanges that the coronavirus will cause.
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Interesting theory.
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¯_(ツ)_/¯
It’s always possible. It’s always possible that it’ll take a huge hit, too. I don’t like to make assumptions anymore.
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Thanks for stopping by!
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@aezakmi, Great to know about this Bullish Trend. So let's hope for the best and hope that we will reap the rewards for waiting so patiently. Stay blessed.
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