Bitcoin technical Analysis Update (BTC/USD): Bounce signal has appeared on BTC chart, Time for reversal is here.
Analysis Summary:
Hi Friends, welcome to this TA update of Bitcoin,
In my last post I said that BTC has forgotten its upward journey and as I expected support at around $9500 did not materialize but 78.6% has been supportive so far which provided the time for BTC to trade sideways for some time.
After this sideways trading you can see that BTC again fell and formed a lower low on the chart, if you remember my lesson that I gave in the failed breakout post, you will realize that this side ways trading coupled with 3 red candles forming a lower low was not a totally bad movement, while on the contrary this action has generated a strong bullish signal on MACD.
You will notice that on the MACD chart, lower low on the chart was not able to produce a lower low on MACD histogram, I have drawn a upward trendline highlighting this signal on the MACD histogram, so I am expecting a confirmed breach to the top of downtrend channel from here and then a test to dotted black trend line as well,
So guys keep watching as it is time for a few green candles to appear for sure. The bounce is here, it will be interesting to watch how long it can sustain.
That will be all for now, I will keep you guys Posted in the as the chart develops further.
Till then Goodbye and Best of Luck to You People.
For future viewers: price of bitcoin at the moment of posting is 8740.60USD
Will it decreaz or increse?
*** hi steemian's, friends are profitable, i follow you, hopefully we can be equally profitable ***
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by ajaisingh from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
@resteemator is a new bot casting votes for its followers. Follow @resteemator and vote this comment to increase your chance to be voted in the future!
Congratulations @ajai! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last announcement from @steemitboard!
Congratulations @ajai! You received a personal award!
Click here to view your Board of Honor
Congratulations @ajai! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!