Bitcoin technical analysis. Technical Analysis: Bitcoin Continues Its Rise
The Bitcoin rate has consolidated above $ 10 thousand, at the moment reaching a maximum of $ 11250. Analysis of the charts shows that the bullish scenario is starting to prevail over the bearish one, but the current bounce can still be seen as a correction before a larger decline.
On a monthly chart, the current candlestick has a bullish body. If at the time of its closing the rate still exceeds $ 10 thousand, it is highly likely that the growth will continue in the coming months.
The candlestick with a long shadow on the weekly chart worked flawlessly: within a few days, the rate rose by more than 20%. V current situation further price increase looks the most logical.
However, analysis of the daily chart indicates a possible correction before further upward movement. Falling wedge and candlestick pattern Doji may indicate the end of the first wave of growth. A rollback to the level of $ 8.5 - $ 9 thousand is possible.
Further events depend on whether the price can hold on to this level. In the absence of panic in the market, a more powerful third wave of growth may form. Do not forget that at the end of February, the Chinese New Year, which means Asian traders can further spur growth in the cryptocurrency market. In this case, the fifth wave of growth may end at around $ 25,000 or even $ 28,000.
In the event that the price goes below $ 8.5 thousand, we may witness another fall. However, in the current situation, the likelihood of this scenario is small.
Previously, Wall Street analyst Tom Lee said Bitcoin will hit new highs in July this year.
First of all, looking at the chart of the BTC / USD pair, I would like to ask, who are those desperate people who trade bitcoins on the exchange?
When I was asked to give my opinion on Bitcoin, I never doubted for a second that it would be a disclosure article and a warning. But, having examined the topic a little deeper for myself, I realized that, since I am not strong in technical tricks, I will not give enough weighty arguments "against".
I don't make money out of thin air
Yes, and I have no desire to stand in the way of millions of people who are seized by the passionate idea of making money out of thin air. It's like trying to take away a piece of bread from the hungry ... even if your intentions are good, since the bread is stale, and you are afraid that the one suffering from all his troubles will catch diarrhea.
I do not know how to assemble farms, I do not always pronounce the word "blockchain" the first time, I hardly remember the names of more than three cryptocurrencies, except for bitcoin. I do not bother with what I do not need and will never be useful in my life, since I make money on property and raw materials, and sometimes placing bets on the “entire” stock market through futures contracts to indexes. I work with real assets.
Nevertheless, I know how to analyze the charts, I can determine which of them the movements are normal, and you can always manage to enter and exit them, and where the movements are insane and protective suspensions, both from losses and taking profits, will be useless. Therefore, I decided that if I have the right to talk about bitcoin, then from the point of view of technical analysis. He never lets me down.
Bitcoin on the exchange - have time to open a deal!
First of all, looking at, I would like to ask, who are those desperate people who trade bitcoins on the exchange? Technical analysis works great here, you can see how the pair moves through the levels.
But the rate of movement of bitcoin quotes is frantic! What are the “stops” and “take-profits”? There would be time to go into a pose!
Probably, for those who have never seen the measured movement of classical exchange instruments, seventy percent up, twenty percent down in ten days seem normal. But those who are familiar with exchange trade, - in danger. You expect that some kind of movement will move you towards your goal for several months, or even a year. And it throws you towards the goal in three days. You say: "This is cool!" Nothing cool! To catch this movement, you need to sit near the monitor around the clock. My time with my family, in training, in English class, in meditation alone is more precious to me than the profit from bitcoins. Even the most mind-blowing profit! The game is not worth the candle.
You probably note to yourself that you yourself would have chained yourself to the monitor if there was a chance to catch Bitcoin movements at least 400-500% per month. Huh ... with such goals, I can buy options and forget about them until expiration. 5000% per month- then I might have thought! But this has happened only once in the history of cryptocurrencies, and since 2014, Bitcoin has not made such gifts anymore. And, judging by the schedule, it is unlikely to meet in the near future.
Bitcoin technical trends
Undoubtedly, BTCUSD quotes are ruled by upward trends. The longest-term of these dates back to 2013 (about $ 400). Accordingly, even if bitcoin falls by $ 400, it will always have a chance to abruptly return to historical "highs" in any positive "breeze" for it. And any drop in Bitcoin while the specified uptrend is alive is a correction.
You can play on Bitcoin corrections for a fall, the main thing is not to overexpose positions.
Now bitcoin has not been able to take the nearest resistance ($ 4540), and there is just a reason for such a correction. The levels indicated by the 261.8% Fibonacci correction against the fall of the currency from 2013 to 2015 and the 2017 uptrend (about $ 2855) can be considered as immediate supports. It turns out that the current level (at the time of the review $ 4223 per bitcoin) is admissible for a short game, since the risk for income is 12% versus 36%.
But, again, this money can be taken only by tying yourself to the monitor. If you do not close the position on time, you can lose your entire account on such a deal. I still doubt the mechanical "stops" for this asset.
Is it possible to think about buying bitcoin from the mentioned support? For speculation it is possible. Although, if you want to make the first deal on this contract from this level, I would not recommend it. And I would climb in the place of a particularly suffering newbie only in the more serious uptrend of mid-2016 (about $ 1400).
The day, which started in a bullish manner for cryptocurrencies, turned slightly negative for most coins in the second half of the session, as stock markets The US reopened after a long weekend. Bitcoin, Ethereum Classic and Litecoin were the segment leaders, but only the most valuable coin remained bullish throughout the session, while LTC and ETC faced resistance in the afternoon.
BTC rose amid positive news on the introduction of Bitcoin Core into the wallet, for the first time in more than a month, the price exceeded $ 11,700, and the coin's capitalization is again approaching $ 200 billion.
BTC / USD 4-hour chart analysis
Since the currency did not complete the previous short-term correction, the MACD indicator is still overbought; another pullback is unlikely to come as a surprise in the coming days, but the short-term uptrend is intact.
The $ 13,000 and $ 14,250 levels act as the following main targets: the weaker level is around $ 12,000 and support is at $ 11,300, $ 10,000, $ 9,000 and $ 9,200.
ETH / USD 4-hour chart analysis
As we already mentioned, Litecoin and Ethereum Classic retreated at the end of trading. The strong altcoins Ripple and Ethereum have failed to pull together as the larger coins have significant divergence. XRP and ETH drifted sideways throughout the session and then declined slightly, Ethereum is still struggling with strong resistance.
The declining trendline is just above the current price level, and short-term weakness has reinforced the view that further correction is likely before a clear breakout. Major support levels are found around $ 845, $ 740, $ 625 and $ 575, while resistance above the trendline is at $ 1000 and $ 1175.
Litecoin
LTC / USD, daily chart analysis
Litecoin moved above a tight consolidation pattern in morning trading today, reaching the next major resistance level of $ 250. However, the coin failed to hold above this level, which may indicate further consolidation despite the development of a bullish pattern in indicator MACD... Nevertheless, we have a positive view of LTC. Above $ 250, the next target is at $ 300, support is $ 225, $ 200 and $ 180.
Dash
DASH / USD 4-hour chart analysis
The Dash is trading in a very tight range today, largely ignoring the rally and dip at the end of the day. The technical setup in the coin remains unchanged and bullish, with the coin holding well above the $ 700 level and previous downtrend. Despite significant gains, traders and investors can still enter new positions on dips. Additional support is found around $ 650, $ 600, and $ 500, and target zones exceed $ 825, $ 950 and $ 1000.
Ripple
XRP / USD 4-hour chart analysis
Ripple continues to trade in a relatively narrow range below key level at $ 1.25, showing some weakness today, while the $ 1 level is still well below the current price. Since the short-term correction is likely to end soon (although a fall below $ 1 is still possible), we expect another leg up in the period ahead. The main target above $ 1.25 will be $ 1.5, and support below $ 1 will be roughly $ 0.85.
Ethereum Classic
ETC / USD 4-hour chart analysis
ETC touched the resistance zone around $ 43, and after sellers entered the crucial level, the coin dropped below $ 40. The long-term trend signal of the coin switched to neutral, now investors should not enter new positions, even if profit is likely in this cycle. Today's high near $ 47 is the last zone of resistance, but a breakout could be preceded by a stronger period of consolidation. Support will be found about $ 34, between $ 32 and $ 34, and $ 30.
Monero
XMR / USD 4-hour chart analysis
Compared to weaker altcoins today, Monero is showing relative strength, trading similarly to Dash and remaining in a strong technical setup. The coin is still facing strong resistance at $ 335, with further consolidation possible, although we expect the uptrend to continue in the coming weeks. The next target is $ 400, support is $ 280, $ 240 and $ 215.
NEO
NEO / USDT 4-hour chart analysis
NEO has failed to rise above the dominant downtrend, although it continues to show strength compared to Ethereum. Regardless, we expect the coin to continue its correction until it breaks above the trendline. Investors should accumulate NEO on dips, with key support around $ 125, $ 100 and $ 80. Resistance is ahead of $ 150 and a record high of $ 190.
IOTA
/ USD, 4-hour chart analysis
IOTA is showing relative strength today as the key resistance zone between $ 2.2 and $ 2.35 has confirmed its strength. Despite the weakness, we expect the rally to continue after the short-term correction, investors can still use the fall to replenish their stocks. IOTA is trading right at the primary support, with another level around $ 1.5. Further resistance exceeds $ 2.6 and $ 3.
New day - new opportunities. Today we will consider at what price it is most profitable to buy bitcoin and where you can sell it at a higher price.
Today we will look at a slightly extravagant version of the analysis of the BTC / USD pair. is gradually shifting into the "green zone", but it is too early to draw any conclusions.
The overall situation
As the analysis of price highs / lows shows, the price was unable to renew the lows and bounced off the support zone near $ 10,000, which is the first prerequisite for a trend change. The general trend remains unchanged - downtrend, quotes are near the bottom of the descending channel. To identify additional signals, we added one more channel inside the existing one - it serves as a local sloping dynamic support for the price. Touch with dynamic support are highlighted in yellow areas:
The inner channel acts as a zone of dynamic support and resistance
In general, the forecast remains bearish, and it is too early to judge about purchases. For the situation to acquire a bullish mood, it is necessary and sufficient to update the price maximum.
Buying Bitcoin
It is best to start buying resumption just below the level of 10.000 - near the semicircular level of 9500. At the same time, it is better to set the stop loss lower due to high volatility: the level 9000-9200 will do the job well. It is more difficult to say about the take profit, but the level of 12,000 seems to be quite an achievable target.
Sell Bitcoin
There are always alternatives for sellers in a bear market:
- You can enter the market by selling from dynamic resistance, at the upper wall of the inner channel. Entry level -12.000-12.500, stop loss - 13.000, take profit - 9500.
- An alternative to entry # 1 is to enter with low risk and high reward near the upper wall of the common descending channel. The entry level will be near the level of 14,000, the exit level will be around 9500, the stop loss can be hidden above 14.500.
Indicator analysis on a 4-hour timeframe:
- Bollinger Bands: narrowing, wide volatility alternates with narrow;
- EMA 50: the price bounced off the moving average, the downward movement is still in force;
- RSI: value 50, the market is not overbought or oversold.
Bitcoin Cash price has faced increased selling pressure. BCH / USD is down to $ 1,180 and is currently on track for further declines.
Key points
- The Bitcoin Cash price has declined and is trading towards the $ 1150 support.
- On the hourly chart, BCH / USD is forming new line bearish trend with resistance at $ 1,250.
- The pair is currently declining, but it may face resistance around the $ 1150 and $ 1130 levels.
Bitcoin Cash prices are going down
Yesterday there was no significant correction in the price above the $ 1,250 level. The price dropped further and broke yesterday's low of $ 1,312. It even traded below the $ 1200 level and came close to the $ 1150 support. A new low was formed at $ 1.171, where the price began a short-term correction of growth.
Initial resistance is around 23.6% of the Fibonacci retracement level from the last cut high of $ 1,508 to $ 1.171. There are many resistance levels below this range, and any major correction could hit sellers around $ 1250. A new bearish trend line also appears with resistance at $ 1220 on the hourly BCH / USD chart. Trendline resistance is close to the 38.2% Fibonacci retracement level. Therefore, if the price rises, it is likely to collide with sellers around the $ 1200 and $ 1220 levels. Above $ 1,220, the next major barrier to upside is $ 1,250.
On the other hand, the recent low of $ 1,171 is the main support. It will not be difficult for sellers to break the support zone. Below $ 1170, the next support is $ 1150.
Technical indicators:
Hourly MACD- MACD for BCH / USD is in the bearish zone.
Hourly RSI (Relative Strength Index)- The RSI for BCH / USD is currently correcting to the 35 level.
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