With a more than positive week, the Bitcoin has bounced back to dent important areas. This allows the king of cryptocurrencies to evolve positively towards the month of November.
Bitcoin – Weekly chart: The Tenkan is broken!
After long months of waiting, prices finally managed to break the weekly Tenkan. This same moving average which has not ceased to block prices since the beginning of the year. However, distrust, it is absolutely necessary that prices close above it to confirm the signal sent.
As an upward target, the Bitcoin will be able to return to the $25,000, this old resistance that had stopped prices during the rebound last summer. In extension, the Fibonacci ratio to $32,000 will be the second objective, but it will be necessary that the buyers are powerful to return to such an important area !
For now, it is still early to talk about medium term trend. The indicator EMD shows, through his ADXthat the downtrend loses momentumwithout give a turnaround signal.
Finally, the key support remains the same, located at $18,900it’s this powerful area that will have to be monitored in the event of a further decline in prices.
Bitcoin – Daily chart: Stuck below the cloud
the Bitcoin was on its way to $22,000. It was without counting on the bottom of the daily cloud and a Lagging Span that blocks below it. Currently the short-term rebound is in pause.
Indeed, prices have perfectly broken the daily trendline and the volumes confirmed the signal sent by Bitcoin. Despite the euphoria, prices stumbled to $21,000blocked by this daily cloud that once again shows the strength of Ichimoku. A real bullish confirmation will be given by an exit above this cloud, either when the Bitcoin will break $22,000. Not before.
The indicator EMD, meanwhile, shows that buyers have gained strength. With the ADX which flies away, and the line +DI far above the -DI line. Concretely, buyers only have to break a last key level to really show that Bitcoin is recovering.
Do you want to take advantage of cryptocurrency market trends but don’t have the time to devote to it? Through his 100% automated trading tool, CryptoTrader™ allows you to maximize your profits during bullish cycles while staying out of the market when they start to show signs of weakness.
Trading cryptocurrencies carries a high level of risk, and may not be suitable for everyone. It is recommended that you fully inform yourself of the associated risks, and only invest amounts that you can afford to lose.
The content offered on the Finax.in site is solely for educational and informative purposes. They do not constitute recommendations in any way.. They cannot be considered as an inducement to trade in financial instruments.
The Finax.in site does not guarantee the results or the performance of the financial instruments presented. Consequently, we decline any responsibility in the use which can be made of this information. Et of the consequences that may ensue.
