Latest Bitcoin Update: Bullish Or Bearish Reversal?

in bitcoin •  10 months ago

There are little bit confusion and fear going on with the market. Is the market going high or going low, upward or downward trend will follow? To answer these questions I always use to analyze the previous data, current chart pattern, current volume. Including them, I like to use some indicators to forecast the price movement like ADX and MACD. Take a look what they are indicating now.

ADX Indicator
The ADX indicator is a great way to determine when a price is trending. The +DMI is above the -DMI, it means prices are moving up.ADX is more than 25 and the actual value is 31, i.e. slightly strong uptrend is showing.

MACD Indicator
As shown in the chart above where I used one-day time frame, the MACD rises above the signal line, i.e. the indicator is giving a bullish signal, which suggests that the price of bitcoin is likely to experience upward momentum. Divergence or a dramatic rise have not been found.

Take a more intense look on it.
Summary: A bullish upward trend is expected within three days!
You can also check my previous idea Bitcoin Is Going To Hit 10.5k$ or More Within Two Weeks

Disclaimer:Everything written here is for discussion purpose only and should not be taken as advice to invest your capital.Always Speak with a professional financial planner or advisor before making any investment decision.Never make a trade based on what you see here.Your capital may be at risk in cryptocurrency trading.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Your Post Has Been Featured on @Resteemable!
Feature any Steemit post using!
How It Works:
1. Take Any Steemit URL
2. Erase https://
3. Type re
Get Featured Instantly & Featured Posts are voted every 2.4hrs
Join the Curation Team Here | Vote Resteemable for Witness

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by tasnim-tamanna 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.