Here's Why Bitcoin Will Rise RAPIDLY In The Next Few Weeks
What Is up ladies and gentlemen and welcome back to read my this excited post. Hope all of you having a good one, today bitcoin price is doing all right . It is not exactly skyrocketing but it is not exactly falling behinde either . So i'd say everything looking a-ok right now. Pretty much what i would expect to see at this point. Today i will be throwing you some information from my main man Tom some information from my main man tom card god Boyle and some technical analysis on why we could see a major Bitcoin Bull Run Soon or why we can at least expect to see some bullish indicators coming out of the woodwork. Indicators coming out of the woodwork before all to long okay. So anyway folks before i go ahead and jump right in to this i just want to say read this article fully.
So, Bitcoin price could create a major bullish technical pattern in the next few days. Technical charts indicate It is slightly confusing picture at the moment however the recent short-term bullish bias has been neutralized following bitcoins closed below the ten day moving average yesterday. Further the risk of a deeper pullback to six grand the february low and phycological support looked to have increase after Tuesday's 5.7 percent drop however and this is where the good news comes in that does not necessarily mean that the bears are back in a commanding position . Since the cryptocurrency is still holding well above the recent low of 5755 dollars which we hit on june 24 . SO notably bitcoin could end up creating an inverse Head and Shoulders pattern which is a bullish pattern soon if the bears failed to penetrate the immediate support of six grand in nex couple of days. And at the time of i reading this bitcoin is changing hand at six thousand three hundred and fifty dollars on bitfenix down by 3.6 percent on 24h basis. so, bitcoins dropped to six thousand two hundred and sixty dollars yesterday left another lower high or a bearish pattern on the daily chart while the relative strength index or has rolled over in favore of the bears or other words is back below 50 the 5 and 10 day moving averages are also beginng to slope downwards in favor of the bears the long term moving average
the Bears the long term moving averages 50 100 and 200 are located one below the other indicating the path of least resistance is to the downside so in other words Bitcoin looks set to test these $6,000 in the next day or two acceptance below that level would expose the recent low of five thousand seven hundred and fifty five dollars which of
course isn't exactly great news however the short duration charts indicate Bitcoin will likely defend thesupport of six
grand so those bearish reversals that I talked about just a minute ago are fairly unlikely to happen at this point because it appears as though Bitcoin is holding pretty strong above six thousand dollars which is really the point that it needs to maintain right now so the RSI is already reporting oversold conditions below 30 and another $300 drop wouldonly make it harder for the Bears to push Bitcoin below 6 grand hence we are unable to rule out a rebound from 6,000 dollars a move which could end up creating the right shoulder of an inverse head-and-shoulders bullish reversal pattern which we've seen in the past before Bitcoin has broken out of a bearish rut a long term bore reversal or a bear to bull trend change would be confirmed if Bitcoin bounces off the support at 6 grand and sees a high volume break above six thousand eight hundred and thirty-two dollars which is the neckline resistance in this case the probability of Bitcoin completing the inverse head and shoulders pattern remains high as long as prices are holding above six grand so what does this mean in the longer term well bitcoins closed below the ten day moving average yesterday has neutralized
the immediate bullish outlook the immediate support at six grand could be put to a test in the next day or two but the probability of a break below that level is low a high volume rebound from six grand would help there coin chart an
inverse head-and-shoulders bullish reversal pattern and a daily close below six grand would boost the odds of a drop
below five thousand seven hundred and fifty five dollars however I don't necessarily know if we see a drop anytime soon below six grand I think that honestly the price has done a great job of maintaining so for people involved in buying and selling Bitcoin rather have done a good job of maintaining bitcoins price above the major psychological support line of six grand six grand is really what we need to look out for here if the Vic one price drops below six grant and continues to fall we could see a bearish recovery however if we see the price hold above six grand and then prices continue to ieave encrease we will more or less see a bullish recovery and that's nearly guaranteed and like Omkar here says a break above six thousand eight hundred and thirty two dollars or so would push us pretty significantly into a bull run
that bull run maybe slightly short-lived.