Analysis Summary:
Hi Friends, welcome to this analysis of Bitcoin, There is some rejoice in the market as bulls have gained some control.
Looking at MACD we can see that a bullish crossover has occurred and the volume is also expanding on the buy side, But the question still persists whether the bottom has been established and the bulls have full control?
Looking at the 4 hour chart we can see that Bitcoin had fallen below the rising trend line originating at the beginning of rally in October 2017. But it had some recovery and still trading upside of that line. As I said in my last post that this line is crucial, Bitcoin will have break over it significantly then it can be considered to have gathered some Good and strong upside momentum,
But there are some developments in the chart that I would like to point out, as you can see that Bitcoin has again formed a bearish flag by its recent movement, which I have drawn on the chart. This is giving me suggestion that there is still some downward potential still left and as I described in my last post $5600 Target still cannot be negated because we have not seen some solid evidence for its negation yet.
Further looking at the upside possibilities there is EMA50 just above its current position which so far has proven to be very resistive, if bitcoin manages to break above 50EMA then I will consider that as some strong evidence but not for a rally to all time high, to come at that conclusion I will wait bitcoin to break above the downward channel or at least the heavy resistance around $12700.
Till then I am still seeing some bearish signs in the chart and the slight upward movements like a trap set by Beers or just a dead cat bounce, so guys My suggestion will be to wait for some more time before trusting the bulls, The bears might still be waiting to rob the bulls again.
So friends that will be all from me, I suggest you watch this crucial moment and then decide the outcome, till then Good Bye and Best of Luck to you all.
I will keep you guys Posted in the next update Tomorrow,
Till then Goodbye and Best of Luck to You People.
Patience is the key to success
Legal Disclaimer: The Analysis posted here is personal view of author and not meant to be an investment advice. Nothing can be sure. any kind of analysis is predictions based on past moments
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