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bitcoin price bull breakout

Bitcoin Price Analysis: Bull Breakout or Bearish Reversal?

Eustace Cryptus
by Eustace Cryptus
7 years ago
·
Posted in Bitcoin, Bitcoin Price, Markets and Prices, News, News teaser, Trading
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is working hard to overtake the $7,300 mark. However, it’s the holding aspect that has proven problematic.


Bitcoin Price Market Overview

Bitcoin continues to reject at $7,300 even though it has staged a few inspiring pops above the $7,300 resistance. After a nearly 27% gain over the past two weeks, cooling off and consolidation isare expected. The pattern of higher lows has consistently been re-established after each pullback from $7,300. Add to this the fact that there is a range of other positive signs which show BTC is well situated at the moment.

4-Hour Chart

Add to this the fact that there is a range of other positive signs which show BTC is well situated at the moment.

The weekly MACD (not pictured here) shows a bullish cross appearing on August 26th, while the 20-MA rises above all the longer term moving averages on the 4hr chart. The 100-MA recently crossed above the 200-MA — simply following the movement of the 5 and 10-hour EMA along with the ups and downs of the Stoch and RSI have provided easy trading opportunities for day traders.

Bulls have shown some signs of exhaustion as a closer look at the rejected pops above $7,300 shows that a series of lower highs, as well as the occasional higher volume spike above $7,320, is quickly rejected. This plunges BTC to the support zone around $7,270 to $7,250.

BTC now trades outside of the ascending channel. As shown by #1 and #2 on the 4-hour chart, each rejection at or above $7,300 has seen BTC return to $7,255 and $7,234. These have proven to be fairly reliable supports, but a move below $7,255 places BTC. This lies outside of the ascending channel, and $7,234 below the second ascending trendline.

Looking Ahead

In the event of a pullback, BTC has consistently found support at $7,250 and $7,332. $7,200 – $7,190 follow close by. 

The outlook for BTC remains positive. Still, the cryptocurrency needs to quickly surpass, and maintain control over, the $7,300 resistance. This would place BTC back into the ascending channel.

Trade sensibly!

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think Bitcoin price will go this weekend? Let us know in the comments below! 


Images courtesy of Shutterstock, Tradingview.com.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Eustace Cryptus

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Educator by day, crypto zealot at night. I scour charts, swing trade & ponder blockchain’s ability to transform cities, commerce and the entire banking system as we know it!

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