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The price of bitcoin came out of consolidation overnight, jumping 11%, recovering the handful of $ 8,000 before the weekly close. We look at price developments as we move towards the weekly close.
Bitcoin price: 4 hour chart
The 4-hour chart shows that the price in bitcoin 00 increased from $ 7,247 to $ 7,980 in one hour, exceeding the level of $ 7,878 from which the 20% drop was recorded in Bitstamp.
This is particularly encouraging, as one could expect to find a short-term interest in this level.
In addition, this area also served as support for the first time and resulted in an additional boost to reach highs above $ 8,100, which implies an upward momentum in this movement.
The MACD has gone through an uptrend with its signal line and is now moving above zero, with higher peaks on the histogram. The movement was also supported by a large volume.
Weekly BTC / USD Chart
Looking more closely at the weekly chart, we can see that the resistance we face dates back to July 2018. Interestingly, we can see that the candle volume for this week is the highest of 2019 with half a day d & # 39; exchange. remaining.
The volume node in the price range of $ 6,150 to $ 7,000 is now used to support the 100 MA and greater than $ 8,453. There is relatively little history of price volumes, which may mean that there is surprisingly little resistance above.
The MACD is in confluence with the other lower slots and has now crossed bullish since the first week of February 2019. All these factors suggest that bitcoin is on the rise, although there is still some time left for the weekly candle and the sale last week. -off acts as a brutal reminder that things can change very quickly in this market.
Weekend Pain for Futures Traders
Thanks to Bitcoin's efforts over the weekend, assuming that Bitcoin can keep its prices above $ 7,280, there will be another gap in CME in prices caused by weekend transactions, which will cause more trouble to those who sell bitcoins.
These shortcomings are generally filled in over time, which means that the level of USD 7,000 could be a key level in the coming weeks if and when Bitcoin corrects eventually. The trading weekend for futures traders will become a bit of a headache for traders who are unable to deal with weekend volatility situations like those seen today.
Looking forward to
As BTC / USD approaches closing, many indicators suggest that there are still legs in the uptrend and that bitcoin could rise more sharply to reach the $ 9,500 where there is a key level of retracement Fibonacci of 38.2%.
Breaking the $ 8,500 level will be extremely important and is considered by many to be essential for reversing the bear market.
Despite all the upward momentum, traders will remember several painful double peaks after falling back around these prices in 2018 and will have to remain vigilant.
Trade Bitcoins (BTC), Litecoins (LTC) and other encrypted currencies on the online trading platform Bitcoin forex evolve.markets.
To receive updates for the author, you can follow on Twitter (@filbfilb) and TradingView.
The views and opinions of the author should not be construed as financial advice. For disclosure, the author holds Bitcoin at the time of writing.
Images courtesy of Shutterstock, Tradingview.com
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