Over the weekend bitcoin traded above $7k boosting the rare odds that a double bottom bullish reversal is in play, indicated by technical charts.
The bears where all on the wrong side of the market as an important psychological support of $6.5k held on strong despite a bear flag that saw the cryptocurrency slide downwards.
Light volume trading on Sunday saw the cryptocurrency move slightly above $7,000 and as of writing the currency is fluctuating between $6700 and $7100. Present price indicates about 9.8 percent rise from last week’s low of $6,513 according to bitstamp exchange platform.
The recent rise has been associated with the rumor that Wall Street’s big wales are bracing up to drive into the crypto asset. The man noted for breaking the bank of England in 1992 “George Soros” is one of those big wales from Wall Street rumored to be interested in cryptocurrencies.
News in media houses claims Soros has given his macro investment manager Adam Fisher the go-ahead to deal on cryptocurrencies.
Other bigwigs said to be interested in cryptocurrency trading is Venrock which is the venture capital arm of the John D. Rockefeller financial arm. They are set to begin trading on bitcoin.
However, despite the positives for bitcoin the technical charts show that the battle for a bull run has only just begun.
Although the immediate bearish outlook might have been neutralized by the light Bull Run from $6,500 to $7,186, time will tell if this can be sustained.
The descending trendline in charts needs to be cleared before bitcoin bulls can be assured that the present bearish run has at least flattened out. The first real hurdle will be to clear out the $7,300 immediate resistance and the double bottom neckline $7,510 which was formed on April 3rd.
To confirm the double bottom bullish reversal, bitcoin needs to close out above $7,510 and pave the way for a stronger rally to $8,500.
Both moving averages, 5 and 10 days are biased to the bulls. The falling trendline has also been cleared by the RSI(Relative Strength Index).
Although the immediate bearish outlook might have been neutralized by the light Bull Run from $6,500 to $7,186, time will tell if this can be sustained.
The descending trendline in charts needs to be cleared before bitcoin bulls can be assured that the present bearish run has at least flattened out. The first real hurdle will be to clear out the $7,300 immediate resistance and the double bottom neckline $7,510 which was formed on April 3rd.
To confirm the double bottom bullish reversal, bitcoin needs to close out above $7,510 and pave the way for a stronger rally to $8,500.
Both moving averages, 5 and 10 days are biased to the bulls. The falling trendline has also been cleared by the RSI(Relative Strength Index).
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Hi @cryptomian great TA article! Thank you and keep them coming! I think we need to zoom and by starting with the weekly charts we can see that we are still in a bearish momentum fighting against the upper (descending) trend line. Although we've been bouncing off the supporting trendline, I think we are due to shortly retest it, and this this the bearish momentum (on the weekly) should continue. I believe we'll first bounce off the $5900 area with a short pull back and continue at least to the $4800 next support zone. Again looking at the weekly I see we continue into May and can start seeing seller depletion and possible reversal around then.
I also saw this coming when looking at the Weekly MACD seeing that it was curving down in Dec and into Jan and I knew we would be bearish for a while.
I do not have charts to upload here but I also post daily Bitcoin predictions and choose some analysts that I believe have good TA. Feel free to check out. Some of the analysts i featured today have the $4900 price down to $3000 zone, which i believe is valid.
Thanks again for your work and look forward to reading more updates!
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Hi @coinsider (great name by the way) Thanks for the great insides! I had a look at your Bitcoin predictions and I honestly think that you have a lot to contribute to Steemit! Keep it up!
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exactlyl..see my recent market commentaries..will not disappoint. you are spot on btw..Upvote.
(More basing necessary..will rally repeatedly off 67-6800..see my work..but then we're off..need better mkt. sentiment.
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Hi @yankee-statman!! Thanks for the comment! I had a look at your posts and you have a nice variety of interesting content, followed you already:) Looking forward to your updates!
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thank you very much!
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