Bitcoin Technical Analysis: Breakout

Bitcoin Technical Analysis: Breakout

By Workin | Technical Analysis | 26 May 2019


Bitcoin finally broke up and out of the wedge it’s been consolidating in over the past 2 weeks.

190903265-13c86bf92dd396c680b4e7cf3e4fbc99c9799c9f51a1e5d604dc14b052eb2641.png

Zooming out on the monthly chart, we can see the last swing high (approximately $8,480) was created back in July of 2018. Price has now officially taken out the prior swing high (on the monthly) of the bear market. In my opinion, this confirms the bottom is in.

190903265-f5de3be6e4665b855d2eb84c410c8b858c5f53f19a79e5fbb819aff93d19a180.png

Looking at the weekly chart, we can see the 21 week EMA is about to cross above the 55 week EMA...a very bullish indication. That said, we can also see just how extended price is, well above the upper weekly Bollinger band.

190903265-6de6129a9f923af884cbb24b34b73ae593bb7f16f491122a2789a56cf92a3b29.png

Zooming into the daily chart, we can see bearish divergence on the RSI and MACD.

190903265-4dca357aabcdf3e09c3767201538790d872fde08e46f43b1c401d358ed87ac31.png

In today’s analysis I discuss where price may be heading from here, traps to avoid, targets and so much more. I hope you find it helpful.

Video Analysis:

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.

Workin

Disclaimer: This is NOT financial advice. 

Open a free account on Binance here:
https://www.binance.com/?ref=16878853

Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here:
https://brave.com/wor485

YouTube: https://www.youtube.com/channel/UCJqGczdWE99ORopJ5ZUDauA
Twitter: https://twitter.com/workin2005
Facebook: https://www.facebook.com/Workin2005
Feature Image By: Saul Gravy

 


Workin
Workin

Crypto: Hated by governments, banks and dictators. Loved by all those who believe in true freedom. Retired airline pilot...full time crypto enthusiast. #Freedom


Technical Analysis
Technical Analysis

Crypto: Hated by governments, banks and dictators. Loved by all those who believe in true freedom. Retired airline pilot...full time crypto enthusiast. #Freedom

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.