SOUZA Posted July 3, 2018 Share Posted July 3, 2018 The bitcoin price broke above the resistance of the double bottom and the high flag, signaling a positive moment. The price is forming another high flag pattern, which may signal a continuation of the bullish move. Technical Indicators The moving average of 100 periods completed its crossing above the MM 200 and indicates that the path of least resistance is upward. In other words, the bullish trend is more likely to be sustained than reversed. Moving averages can also maintain close support levels in a setback. The RSI is indicating conditions of overbought or that buyers are exhausted and willing to let sellers take over. A bearish move could push the price of bitcoin back to dynamic support and the area of interest around $ 6,400 before resuming climbing. Similarly, the stochastic hit the overbought territory. Bitcoin sustained its strong month-on-month start, probably driven by investor optimism that more positive developments could emerge in the second half of the year. Many even predict that the price of bitcoin could rebound to the $ 20,000 by 2018, with some even projecting that could reach $ 50,000. Quote Link to comment https://slingbank.com/forums/topic/1043-bitcoin-technical-analysis-030718-another-high-movement/ Share on other sites More sharing options...
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