Daily Bitcoin Technical Analysis!! ₿ 📈💰
Bitcoin Raising to Key Resistance Hurdle at $8,300
Although the day, the cryptocurrency, Bitcoin, has been in bullish territory but breaking the long-term daily trendline has remained elusive.
The cryptocurrency needs a sustained break above that trendline to signal that the currency has bottomed out. For now the risk of a sell-off is still very much in play. Trendline resistance stands at $8,285.
Before press time, the currency has been testing that region and changing hands dramatically with $8,226. The next few hours of the day will determine which direction the currency goes.
The above daily chart shows that bitcoin is trading at an indecisive range but still holding well above the 10-day moving average currently sitting at $7,820.
Price action history shows that crypto traders have accepted a value above $8,000 after a repeated rebound from $8,000 mark. That region will now serve as a resistance hurdle downward. It is pretty safe to say the outlook remains bullish.
However, to keep the bulls in the game a continued and sustained break above the falling trendline must happen. Take note that bitcoin failed to cross that line on April 17th, another rejection now will be costly for the bulls.
There is a head and shoulder reversal pattern showing up on the 4-hour chart with neckline support at $7,830. If BTC fails to take out the neckline hurdle then we should see high odds of a drop below $7,830 in the coming hours.
A bearish reversal pattern would open up the doors to further decline to $7,510 and even $7,200. This move will be short lived as all major moving averages(50-day, 100-day and 200-day) are all trending northwards. We should see BTC cross over the trendline resistance soon.
Outlook
• A sustained move above key $8,300 would open the doors to $8,800 confirming a bearish to bullish reversal pattern.
• Resistance at that level would increase the odds of a drop towards $7,510-$7,200
Disclaimer
This ICO information is just for the interest of Crypto Lovers and should not be considered as investment advice. If you want to take this opportunity, then invest only what you can afford.
good job...(seem my latest as well..)
Thanks @yankee-statman! Just read the Joe Dimmaggio one, great stuff! Such a legend!
thanks..amazing.
Do you plan on keeping those daily btc forecasts up? If so, I would like to add your analysis to my daily btc analysis aggregation. Also, if you could add a conclusion (e.g. bullish, bearish, neutral) to your analysis, that would be superb!
Let me know if your good with it ;)
Yea I'll be posting these monday to friday every week. If you upvote and resteem the articles that you use and don't plagiarise them completely then of course you can add them to your analysis aggregation! I really appreciate that you asked first! Also great suggestion for adding a conclusion, Thanks!
Appreciate your response, though I'm not plagiarising content in any way. I make the sources very clear from whom and where I take the Analysis in several ways. Plagiarism would be kind of the opposite, like not clarifying who is the owner of the data. I only make use of the data in ways on comparing them and putting them in a valuation system to find the most likely bitcoin price trend for the following hours.
People need to understand the difference in these two behaviours, otherwise sooner or later everyone is gonna complain about someone.
I don't know yet if I will resteem every post i aggregate data out of, but sure I am upvoting them as long as I am using them for my posts. Minnows support each other ;)