services using bitcoin. Unless this alignment is reversed, it is not recommended to open any new long positions. An upwards price correction attempt is now evident and will most probably continue on for a few days, before the markets bears can take the upper hand again. An ascending channel is forming on the same chart with support at 11,000. However, we cannot conclude, according to the current shape of the cloud, that the bearish wave is reversing, so long as price hasnt moved above the cloud and above the Base Line (red line). Readers can verify this by checking the dates on the charts. During the past couple of weeks, bitcoin price was below the 50 period SMA, which reflects the strength of the markets bears. New bearish wave evident on the 4 hour btcusd chart: Lets examine the 4 hour btcusd chart from Bitfinex, while plotting the 50 period SMA, the 100 period SMA, and the Bollinger Bands indicator, as shown on the below chart. The 100 period SMA is now above the 200 period SMA. New Elliott wave cycle building up on the 4 hour btcusd chart: Lets study the 4 hour btcusd chart from Bitfinex, while plotting the 50 period SMA (green curve the 100 period SMA (red curve and the macd indicator. We will also keep the ascending channel we plotted earlier (the two parallel sloping blue lines on the below chart).
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Chart from Bitfinex, hosted on m Bitcoin price analysis - rising steadily Bitcoin price has been soaring steadily during the past 48 hours, scoring a high of 11,660 during Tuesdays early sessions. As such, even if discord bitcoin a downwards price correction attempt becomes evident during the upcoming few days, the markets bulls will take the upper hand again soon and will push bitcoin price upwards to attempt testing the resistance around 13,087.30 before the current week is over. Chart from Bitfinex, hosted on m Bitcoin price analysis - rising towards 11,788 After recording a day low of 11,050 during Sundays trading sessions, bitcoin price soared up recording a high of 11,623 so far throughout Mondays sessions. Dont fall for scams! Sign up for InvestingHavens blockchain cryptocurrency investing service to get access to how to play the new crypto bull market, a selection of 10 best cryptocurrencies to invest in as well as blockchain stocks to consider. We are in strong bearish markets, with another slight bull uptick. This candlestick pattern represents an important bullish reversal signal, so we can expect bitcoin price to start rising during the rest of the week. The blue macd line is above and diverging away from the red signal line. Again these large anomalous rapid spikes in either direction throw Technical Analysis out the window, especially on the small time frame charts. As long as they are in place and prices follow the path higher!