Key points
Last week was very good for Bitcoin, he was able to stay in the bovine area.
converging triangle pattern has formed on the 4-hour chart (Bitstamp), which can act as a catalyst for further price movement.
A break above the triangle resistance area could trigger further growth of the BTC / USD pair.
Purchase?
Bitcoin price against the US dollar last week was in an uptrend, and every major BTC / USD correction is found at the bottom of the buyers. Price went to at least $ 605 before you find buyers and was able to go up. Currently, the price is above $ 650, and forms a triangle pattern converging on the 4-hour chart (Bitstamp) BTC / USD.
Featured triangle pattern in the short term is the key for the bulls. The graph shows the approach of the moment of breakthrough, and taking into account the current state of technical indicators moving up the chances are much higher. Successful closing of the candle above the 100 SMA (4-hour chart) can also work as a catalyst to raise the price above the bulls.
At present, the Fibonacci correction level 61.8% decrease from the last high of $ 705 to $ 605 minimum resistance acts. I think the break and close above the mentioned Fibo level and resistance of the triangle area can be a signal to open a position to buy with a stop loss below 100 SMA (4-hour chart).
Technical indicators : 4 -hour MACD: MACD is almost flat , which implies a consolidation before the next move. 4 -hour RSI: RSI is above 50 , it is a positive sign. The primary support level : $ 655 The basic resistance level : $ 670
Nice analysis :) you have my up vote :)
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thank you ) for such items will be more and more for me)
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