Monday, 5 August 2019

Bitcoin Climbs Near $12000, Will the Surge Continue?

Bitcoin analysis

Daily Chart

Bitcoin has built solid support around $9100, from where it started to skyrocket. After successfully scaled above the moving averages, BTC/USD rallied to the downtrend line, where it may face some resistance. 

If Bulls can clear this hurdle, Bitcoin can move up to $12,800, thereafter to the recent high of $13,900.

However, moving averages will act now as support levels for any correction. Since Bitcoin is trading now at the downtrend line we don't recommend open any fresh positions now. Traders should wait for a breakout of the downtrend or a correction to the supports to initiate long positions.

4H Chart

 On the 4H chart,  the 20 EMA has completed a crossover with 50 SMA which is a bullish sign. Also, 20 EMA provides great support for Bitcoin.

4h bitcoin chart

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