Bitcoin: Reaching the apex of smaller descending triangle. What's Next?steemCreated with Sketch.

in #cryptocurrency6 years ago (edited)

bitcoin.png

Looking at the 30 min chart, we can see a descending triangle has formed. This means as it gets closer to the apex, a large move is likely. This move could be up OR down.

Screen Shot 2018-04-18 at 10.47.20 AM.jpg
Screen Shot 2018-04-10 at 1.11.43 PM.jpg

Zooming into the 30 min chart, we can see bitcoin has been consolidating between a strong support and resistance zone. If it breaks the support, a drop to $7,600 is likely. If it breaks up through the resistance, we could see a rise to $8,500.

Screen Shot 2018-04-18 at 10.20.19 AM.jpg

Looking at the 4 hour RSI, we can see its moved back on top of the ascending support line. This is certainly a bullish indication.

Screen Shot 2018-04-18 at 10.23.49 AM.jpg

Looking at the 4 hour MACD, not much has changed. Still waiting on a break out above the descending triangle.

Screen Shot 2018-04-18 at 10.24.24 AM.jpg

Finally, as I said yesterday, I want to keep you all updated on the LOG scale chart. For those that don't know, this is the chart that analyzes gains and losses as a percentage of movement rather than price. Some analysts ignore this chart while others swear by it. I believe it has merit.

There's a clear descending triangle on LOG scale that has not yet been broken out of. I believe once Bitcoin does breakout, an uptrend will be confirmed and we can officially call this a "bull market".
Bitcoin is moving closer to the apex. We may see a breakout within the next week or less.

Screen Shot 2018-04-18 at 10.29.19 AM.jpg

Please take 2 seconds and upvote this post if you feel I deserve it. Thanks for your support!

DQmXB9aF8ZeQAEgsHbLu8ZiHCrPTrujQp3YMHZykKGiBoyx_1680x8400.png

I hope this has been helpful. If you enjoyed this article, please let me know by clicking the up-vote tab below. Also consider following me so you receive the latest updates. As always, if you resteem my post, leave me a comment and I’ll return the favor by resteeming one of yours. If you didn’t enjoy this article, let me know how I can improve to earn your vote in the future.

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.

If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. You can sign up here for free: https://www.binance.com/?ref=16878853

#crypto #life #steemit #steem #blog #news #bitcoin #cryptocurrency #investing #eos #finance #btc #ethereum #litecoin #ripple #stellar #nano #icon #cardano #xlm #xrp #eth #bch #vechain #ven #digibyte #dgb #binance #ripple #ltc #tron #trx #bnb

Sort:  

CONGRATULATIONS YOUR PUBLICATION HAS BEEN SHARED BY @Untapentuoreja, will be seen by 3015 steemians.

Coin Marketplace

STEEM 0.20
TRX 0.12
JST 0.028
BTC 64097.37
ETH 3476.43
USDT 1.00
SBD 2.53