3 Charts Suggest Bitcoin Prices Could Be Headed Higher
For bitcoin (BTC), according to the technical chart, the path with the least resistance is at the top.
At a press conference, the key encryption encryption is changing hands from Bitfinex to $ 6,430 – up 9% from August's lowest $ 5,859.
However, BTC earned more than $ 6,500 three times in the past 72 hours, but recent attempts have been made to reduce the psychological level by a factor of two or three before being reported to the media. This can cause investors to question the sustainability of recent rallies.
However, as can be seen in the technical chart below, such concerns may be unfounded because the stubborn bias is only strengthened in the last 24 hours. As a result, BTC can rise to $ 7,000 (psychological resistance) on weekends.
4 Hour Chart: Check Bull Breakout
BTC adjusted its channel resistance (top) early today after a bull retreated on July 25 after a sell-off of up to $ 8,507.
If you look closely at this chart, you can see that the top spots of the channel are spore spots since Wednesday. It is safe to say that bulls are experiencing great obstacles and feeling courage.
cryptocurrency is also expected to test 100 candles MA, which has been accepted to be above the 50 candle moving average (MA) and is currently at $ 6,725.
1 Hour Chart: RSI Fire Flag Breakout
The Relative Strength Index showed that the BTC soon escaped the bull flag, holding a strong bid and indicating that it could jumper around the neck of the opposite head and shoulder width of $ 6,715.
If you exceed this level, you can open the door for up to $ 7,500 (target based on measured height method).
Daily chart: Short-term MA adopting optimistic bias
The five-day MA began to rise in a bull-friendly manner and almost exceeded the MA for 10 days (optimistic crossover). This turn by 5 and 10 days MA implies a short-term stubborn setting.
BTC remains in the hunt for a head and shoulder neckline resistance of $ 6,715. Once optimistic breakouts are identified, we will see gradual trend changes in the weaknesses presented in the 4-hour chart and allow for more than $ 7,000 in ongoing activity.
A disadvantage is that $ 6,213 (the lower right shoulder of a pattern with opposite head and shoulders) is distracting from the optimistic view.
Disclosure: Authors do not retain cryptocurrency assets at the time of writing.
Bitcoin image through Shutterstock; Charts by Trading View
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