Bitcoin: two short-term scenario
Bitcoin Trades Near Strong $ 9150 Resistance.
RSI is giving strong bearish divergence signals.
Bitcoin is in a triangle – descending or symmetrical.
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Around this resistance, BTC formed three rising highs on the close and now, possibly forming a fourth high. but it is important to note that wherein RSI gives very strong signals of bearish divergence, which means that eventually quotes may retreat and reach a long-term upward support line.
On short-term charts price, rather Total, is in the mainstream of the descending triangle. This is a bearish pattern that signals an impending downtrend breakout. This assumption is supported by themes the fact that home digital currency is within a strong resistance zone.
It is also possible that Bitcoin is trading inside a symmetrical triangle, and this more favorable scenario. The pattern itself is an neutral but quotes may commit bullish breakthrough of this figure, since it was formed after rather aggressive growth. But, again, due to the presence of strong resistance over current price, potential breakout can lead to the formation of a double top around $ 9400.
In the event of a rebound from this zone, prices from large likely to head south. If quotes will form a minimum near the mark indicated in the chart below (c), this will mean that the support line is horizontal, and bitcoin is trading inside a descending triangle. If this will be a rising low as indicated in the chart above (e) this would mean that BTC is in a symmetrical triangle and could make an upward breakout.
So, Bitcoin is in a triangle – either symmetric or descending. Next low, whom reaches the price, will help to determine in which pattern the quotes are located. For now above probability Togo, what token as usage grows cryptocurrencies appear new kinds tokens. They are can represent value or something intangible, like, eg, vote. Two… More traded in a descending triangle.
Previous analysis of bitcoin can read here.
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