BITCOIN - The Trend Continues.

BITFINEX:BTCUSD   Bitcoin / Dollar
From my previous analysis (which you should check out on my page), we have kept the symmetrical pattern intact and so far Bitcoin has remained bullish (As my last TA indicated it would. "TA - Technical Analysis"). Now, this is similar to my last chart, however, the pattern has slightly changed. We now should look at the red rectangle as a point for optimal buy entries as that is where the support lies for the price (which also tells us we may see a short-term dip on Bitcoin in the upcoming days to return to this line which would be around the high $10,000's). Currently, the market is fluctuating between the resistance and support but also should be seen as a period of consolidation which is usually a bullish trend , once this consolidation begins to fade it is likely that the price will see an increase in value.

  • MACD - A nice support has formed on the RSI , we could expect for the price to touch down on this before continuing the trend higher.
  • RSI - similar to the RSI heavy supports have come into play and are acting a barrier to hold the Bitcoin price up, this is a good signal.
  • Orange - Resistance.
  • Pink - Support.
As always trade the lines accordingly.
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