The Bitcoin course has a macro cycle behind
(Source: cointelegraph.com)

clicks | 6 days ago | Google AI sentiment 0.30 | comments: discuss | tags: bitcoin


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(Original link: cointelegraph.com)

While the price evolution of bitcoin may seem in decline for some people, the main digital asset has received several positive signals indicating an imminent recovery. Will Bitcoin bounce back or fall to the bottom of the New Year in the last month of 2019? Crypto day market development. Source: Coin360.com The daily chart becomes positive Daily chart BTC / USD. Source: TradingView Since early November, the daily chart is down. There have been several burst attempts of more than $ 9,500, but they have failed. In three and a half weeks, Bitcoin finally dropped to around $ 6,500 on November 25th. The good news is that Bitcoin seems to be recovering from its new floor and climbing steeply since its minimum of $ 1,300. Thus, the trend on the daily chart has become positive. Bollinger Bands (BB) say the moving average is the next target to break. This is currently $ 8,000. From there, Bitcoin has the opportunity to climb to $ 9,000. Before we can confirm this, let's look at other indicators. Are there any other bullish signals? MACD also positive throughout the day Daily chart BTC / USD MACD. Source: TradingView The MACD says that Bitcoin could make a positive cross when the candle of the day closes. This would be the first green candle on the MACD histogram. In the past, this has resulted in a turnaround period. It's hard to say how long this period lasts, but this remains a signal of purchase for traders. Fortunately, there is more good news. CME gap closes Daily chart BITCOIN CME Futures. Source: TradingView The gap between CME and Bitcoin has recently become a commercial event. However, in recent weeks, the gap has been smaller than the weekly opening, but this is not the case this week. On November 29, the GCE market closed at $ 7,800 and Bitcoin is currently $ 7,300 at the time of writing. This means that Bitcoin can see a gain of over 7% if the CME deficit fills up next week. This can not be guaranteed, but the gap has become a very reliable indicator, specific to the digital asset these days. Such an increase, along with the other bullish indicators, would be welcomed by the bulls. Weekly RSI oversold Daily chart BTC / USD RSI. Source: TradingView The last bullish indicator on the daily chart I want to look at is the RSI. The last week of November, the BTC / USD was oversold, according to the RSI. The lowest point was reached at 5:65 pm on November 25th. Although the current RSI trend is down, it is around 30. When the RSI is approaching 30, it signals that an asset is oversold. It's not often that traders receive as much tangible and tangible bullish signals. Is this perhaps the beginning of a new Bitcoin parable? Or is it possible that we forget something? weekly chart Weekly BTC / USD chart. Source: TradingView The weekly Bitcoinchart shows that support for Bolinger groups has been broken twice in two weeks. Bears could take this as a sign that the course could fall through the ground. The cops might think the course is being held and could turn around. MACD still down on the week Weekly BTC / USD MACD Chart. Source: TradingView The MACD is clearly on the weekly chart down. The signal and the MACD line show a downward trend. This usually indicates that Bitcoin does not look too rosy. It should also be remembered that the MACD shows none of the positive aspects of the past week that occurred in the shortest time. When the week closes, the MACD displays a very different picture. The decline ends. This could mean, together with next week, a 7% increase if the gap between the CMEs is reduced. The MACD could even be bullish by December 9th. The weekly RSI is also oversold. Weekly chart BTC / USD RSI. Source: TradingView Finally, traders must also analyze the weekly RSI. At first glance, he does not like to create optimism. But there are certainly some positive aspects that can be observed in this time frame. Currently, the RSI is heading to the oversold territory at 38:05. As a rule of thumb, a value of about 30 is considered a buy signal for traders, and I consider the weekly RSI as a positive indicator. If the RSI was between 50 and 70, the traders would have decided not to buy Bitcoin next week, because that would have been a sign of restraint a little longer. However, the charts analyzed today all indicate that the decline has been temporarily slowed down and that the coming week will not be so bad. Monthly chart BTC / USD. Source: TradingView Pessimistic scenario Despite the optimistic outlook for this analysis, the price of Bitcoin during the month remains slightly higher than the moving average of the Bollinger Bands. He reached this level for the fourth consecutive month. If the price does not exceed $ 6,900, the price could fall to $ 2,750. Optimistic scenario As the MACD approaches a bullish cross and could close the GCE deficit to $ 7,800, this week's traders could hope that Bitcoin will bring new assistance to $ 7,800. The level of $ 9,050 could be the next big resistance.
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