Is $16.500 or $12.300 next? Bitcoin on Crossroads.
Bitcoin has been rising for the past two weeks and has broken a new high from January 2018!
Now it is very important to break this level in order to see another major breakout, as there is not a much resistance in the way.
Bitcoin is currently in a bullish channel which has bias to break to the upside, a clear break of $14.000 will confirm this outlook.
The next real resistance is $16.500, which would result in additional 17% increase in value from $14.000, which is a very confident result.
If the uptrend line of this channel gets broken, I expect move down all the way down to $12.300.
Indicators:
1. EMA lines are still showing an uptrend, but they are far from the price, which is both good and bad. On good side, there is a lot of room to fall down and still maintains an uptrend.
The bad site, is that a correction is likely to retest a 20 EMA line (Orange).
2. Bitcoin is pretty overbought and MACD indicator is overextended, finishing fourth wave.
3. But the Relative strength index indicator is showing us some bearish divergence, price is making higher lows while the oscillator is making lower lows, this is bearish a signal for the asset.
So in overall very mixed signals, more on the bullish side but we expect strong volume and definitely no sideways moves.
Now it is very important to break this level in order to see another major breakout, as there is not a much resistance in the way.
Bitcoin is currently in a bullish channel which has bias to break to the upside, a clear break of $14.000 will confirm this outlook.
The next real resistance is $16.500, which would result in additional 17% increase in value from $14.000, which is a very confident result.
If the uptrend line of this channel gets broken, I expect move down all the way down to $12.300.
Indicators:
1. EMA lines are still showing an uptrend, but they are far from the price, which is both good and bad. On good side, there is a lot of room to fall down and still maintains an uptrend.
The bad site, is that a correction is likely to retest a 20 EMA line (Orange).
2. Bitcoin is pretty overbought and MACD indicator is overextended, finishing fourth wave.
3. But the Relative strength index indicator is showing us some bearish divergence, price is making higher lows while the oscillator is making lower lows, this is bearish a signal for the asset.
So in overall very mixed signals, more on the bullish side but we expect strong volume and definitely no sideways moves.
