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April 14, 2019
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Bitcoin

Bitcoin Technicals: “Reason to believe that bullish momentum may remain if support holds…”

Bitcoin climbs higher and attempts to hold the 6400 support area (technically, resistance at the moment). This has been the runabout of price action for the last 12 hours or so as 6300-6400 has been the rough range BTC has traded within while keeping from dropping anymore. This has also added to the fact that BTC has also created a pennant within the bigger expanding megaphone pattern. This is shown on the hourly chart well, and the current upside break from the pennant stands at 6455. This is better served as BTC holds the 6400 support area.
As the expanding megaphone was broken to the upside briefly, there is also reason to believe that bullish momentum may remain if support holds. This is in conjunction with the daily chart showing strong buying power set to come in over the next 48 hours or so as oversold(<20) conditions have kept the low price point from being able to simply retrace. At a minimum, the retrace condition of BTC is set to challenge the downspout experienced over the month of August.

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Presently exchanging inside a bullish range, as a purchase/hold situation was beforehand enlisted, this can stay dynamic until further notice. There is proceeded with upward weight as stochastic levels hourly stay dynamic in a higher region and hope to rotate soon once more. Day by day stochastic levels currently hope to exit oversold (<20) conditions for overbought (>80) by and by – a great sign for the bulls.

MACD readings give a sign of a log jam in the downtrend, be that as it may, have not kept up completely positive force at this time.

BTC is right now a Buy/Hold with 6400 help managing. Drawback assurance ought to be under help.

Prospects Traders – Trade the Trend. The transient pattern is at present nonpartisan/long. Affirm design on the here and now for long passages with higher lows*

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