Technical Analysis for Bitcoin (BTC/USD)
On the 7/20/2018, I posted the chart below, that identified an 'Ascending Channel' in Bitcoin's Daily price chart.
As stated in the chart, the narrow Ascending Channel could break 'either way.'
The Ascending Channel did break, yesterday, to the upside, which is a very positive movement for Bitcoin.
Now that Bitcoin (BTC/USD) has broken the narrow Ascending Channel, it has created a broader 'Ascending Channel' which like the narrower one will eventually break either to the upside or downside, and we'll deal with that when it happens.
But, now that Bitcoin is trading inside a broader 'Ascending Channel' it shows that it should continue to move up inside the channel.
Below, is a 1-hour price chart of Bitcoin (BTC/USD) that shows a 'Falling Wedge' has formed.
When any asset forms a 'Falling Wedge' in its price chart, its expected movement is to break the pattern to the upside, so even though the price of bitcoin has to fall to form the positive pattern, its expected outcome is a higher price.
The newly formed 'Falling Wedge' is another positive movement in Bitcoin's price chart, I'll follow up after the pattern has either been confirmed or denied, and a new pattern has taken shape.
Disclaimer: This is not financial advice.
The Charts provided courtesy of TradingView.com
Normally, I write about Gold Nanoparticle Cancer Research and I do technical analysis for silver, gold, and the U.S. dollar, but I'm also a fan of cryptocurrencies, and because of this, I've started to share my charts on the coins and tokens I own or follow.
My website is called: The Free Bullion Investment Guide, it offers anyone interested in the precious metals bullion markets an honest place on the web that provides bullion market reference material, bullion market news, and other market-related information. http://www.free-bullion-investment-guide.com/
Lastly, the bullion guide supports and sponsor's Gold Nanoparticle Cancer Research, half of every dollar it earns goes to this research through The Angel of Healing Cancer Research Fund. (This includes the money earned through steemit)
Thank you for your time and God Bless,
Steve Warrenfeltz