Bitcoin - near breakout area - target 11.000 $
Updated
The market price has formed a triangle pattern after strong up movement which is usually followed by the drawn up movement after breakout from triangle formation. Should the price fail to break out of the triangle market will make a strong correction movement to the drawn green support area.
Indicators
- RSI baseline is above down trend line and started up movement which brings buyers into the market
- MACD baselines going to cross bullish and the sell volume starts to going down which is bullish indicator and brings buyers into the market as well
- Bollinger Bands going sideways and are tight which indicates a bigger incoming market movement
- Price supported by 100 day moving average but near 50 day moving average ( need to break the 50 day MA for further up movement)
Indicators
- RSI baseline is above down trend line and started up movement which brings buyers into the market
- MACD baselines going to cross bullish and the sell volume starts to going down which is bullish indicator and brings buyers into the market as well
- Bollinger Bands going sideways and are tight which indicates a bigger incoming market movement
- Price supported by 100 day moving average but near 50 day moving average ( need to break the 50 day MA for further up movement)
Trade active
Order cancelled
Market broke out of triangle pattern
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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