BTC/USD DAILY CHART
BTC along with the majority of the Crypto currencies have seen a significant sell off on 2018. The sell off of BTC had tested the descending resistance level several times failing to break, each time however with the last test of this resistance the price movement managed to confirm a break though this level. Looking at the current charting picture the bitcoin price situation is looking bullish. Looking at the chart we can see that
1) The price movement has formed a double bottom.
2) The resistance level has been broken
3) There is an inverse head and shoulders forming
4) The indicators are showing a buy divergence which refuses to confirm the movement lower.
All in all the picture is looking good to reach the first target level of 11 461 which is the 78.6% extension level.
BTC along with the majority of the Crypto currencies have seen a significant sell off on 2018. The sell off of BTC had tested the descending resistance level several times failing to break, each time however with the last test of this resistance the price movement managed to confirm a break though this level. Looking at the current charting picture the bitcoin price situation is looking bullish. Looking at the chart we can see that
1) The price movement has formed a double bottom.
2) The resistance level has been broken
3) There is an inverse head and shoulders forming
4) The indicators are showing a buy divergence which refuses to confirm the movement lower.
All in all the picture is looking good to reach the first target level of 11 461 which is the 78.6% extension level.
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