Bitcoin Price Analysis: Shwoing Some Action Above 9000 USD Where To Go?
BTCUSD is still trading in the huge channel where it has just confirmed the lower line of the channel and is now building a range here. Above 9000 USD level BTCUSD has still some good support where it can build more potential BTCUSD has touched the 200 and 100 EMA and is testing them which is normally a bullish sign where when Bitcoin manages to go above these levels can confirm bullishly and move higher.
BTCUSD Price Analysis Chart
The paypal announcement to sell bitcoin to its over 250 million customers was a big deal for bitcoin this is why there can come a
boost in demand as paypal going to increase the promotion and adaptation.
On the bearish side, it is important for bitcoin to hold the lower line of the channel and confirm it otherwise there can come
a bearish breakdown when BTCUSD fells below that level.
The RSI is sending moderate signs where an oscillation to the higher or lower boundary will confirm the proper trend which is more likely a bullish trend at the moment of the outcome.
BTCUSD will confirm bullish when it takes out the EMAs and confirms above the falling resistance and BTCUSD will confirm bearish when it confirms below the lower line of the huge channel.
TREND: Sideways with upside potential
EXPECTATION: Breakout
TREND AFTER EXPECTATION: More bullish as bearish
FORMATION: Huge channel
PREV: 9132.96
OPEN: 9136.89
VOLUME: 4.048K
DAY’S RANGE: 9089.80 — 9300.00
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Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Vince is an experienced trader, investor and financial analyst within the markets in which he concentrates on the cryptocurrencies and decent opportunities within them to trade in a professional oriented manner. You can follow him at trading view market insight at: https://www.tradingview.com/u/VincePrince/
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Published at Thu, 02 Jul 2020 09:23:16 +0000
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