For the past few weeks, bitcoin (BTC) has been trading between the $4,850 and $5,000 marks, a price range that has been maintained since last September. On the heels of positive daily indicators, BTC breached the $5,000 price range for the first time since late January 2018, and then climbed further to a price of $5,100. The cryptocurrency market is currently on a bullish trend, with nearly all major altcoins trading higher than yesterday’s prices.
Weekly data has been released for the last week to bitcoin and other crypto assets, and it has been generally bullish. Bitcoin rose to $38,065 and we are still in the lower $38,000 range with a gain of about 3.3% over the last 7 days.
A lot has been happening over the last few weeks, so we’ve put together a 3-part blog series outlining some of the most important news: Monero has set a new price record, Bitcoin remains bullish and the price of Bitcoin Cash has breached $1,000.
Bitcoin (BTC) started the week of July 19-25 on a downward trend that concluded with a low of $29,278 on July 20. After the bullish engulfing candlestick on July 21, BTC rose marginally the following day, producing another tiny bullish candlestick. However, the price has subsequently increased, reclaiming the $38,000 price level by breaking through the $31,300 horizontal support region.
BTC daily chart with optimistic outlook
The prognosis is more positive on the daily chart. The drop on July 20th was just a blip, as BTC quickly regained the $31,300 horizontal range. It subsequently started a fast ascent, culminating in the formation of six bullish candlesticks in a row.
It has so far reached a high of $39,799, barely missing the range high of $40,500. Technical indications suggest a positive result. The RSI has above 50 and the Stochastic oscillator is about to cross to the upside. Furthermore, the MACD is heading higher, despite the fact that the signal line is not yet positive. Most likely, the peak of this move will be between $42,181 and $42,435.
In the future, BTC may reach a price of $50,218 to $50,986. The ratio between waves A and C would be 1:2.61, hitting the 0.618 Fib retracement resistance level. BTC is likely to drop once more after that.
The price of bitcoin fluctuates.
Bitcoin is the most valuable cryptocurrency, with a value of $38,240.11 at the time of writing, up 10.72 percent. BTC trade volume was $37,107,181,643 in the past 24 hours, with a market cap of $717,597,334,096.
BTC is still trading above the 0.618 Fib retracement support level of $27,050. Despite this, weekly technical indications are still negative.
The MACD is negative and dropping, the RSI is below 5, and the Stochastic oscillator has crossed to the downward. As a consequence, the long-term trend is expected to continue in the negative direction.
BTC is nearing the $40,550 range highs, and a break above that level may keep the strong upward trend going.
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