BitcoinLong
Bitcoin/US Dollar - Bulls Still Reigning
So far so good with Bitcoin. Let's recap on our previous analysis. We noted that Bitcoin was going to stay in our channel or path to $8,000 and eventually break above it. We've seen that play out so well with Bitcoin trying to climb above $7,500. Our analysis stays the same.
The 4 hour chart shows the RSI in a good position. The heated buy is cooling off gradually and the MACD also confirms this. We've had a cross in the bullish zone. We're expecting everything to still happen in the channel we've outlined.
Bitcoin is trading between $7,300 and $7,500. This is a key range for Bitcoin. An 8 hour close above $7,500 will ignite momentum to push price above $7,600. Contrary to common expectation for Bitcoin to decline back to $5,900 - $6,500, we believe strongly based on our analysis so far that Bitcoin is heading to $8,000.
The 4 hour chart shows the RSI in a good position. The heated buy is cooling off gradually and the MACD also confirms this. We've had a cross in the bullish zone. We're expecting everything to still happen in the channel we've outlined.
Bitcoin is trading between $7,300 and $7,500. This is a key range for Bitcoin. An 8 hour close above $7,500 will ignite momentum to push price above $7,600. Contrary to common expectation for Bitcoin to decline back to $5,900 - $6,500, we believe strongly based on our analysis so far that Bitcoin is heading to $8,000.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.