Bitcoin [BTC] saw a small hike earlier today to touch the $6400 mark. Can this momentum be translated into a stronger price movement, or will the price fizzle out to drop back to the $6000 level?
The EMA at $6400 is providing support after shifting its role from being a resistance. This occurred after the price gained momentum.
The Parabolic SAR is flashing a bullish sign as evidenced by the dots under the price. This also represents upward momentum in the near future.
The Klinger Volume Oscillator recently turned bullish, with the MA crossing an uptrend just as the price began picking up in pace.
The $6640 – $6450 and $6350 – $6380 trend lines are forming a triangle, and indicate a breakout to occur soon.
The MACD saw the MA cross over the signal line with a bullish signal earlier today. The histogram is also slowly building up towards the positive side.
The Awesome Oscillator is also flashing green as the histogram moves towards zero.
The $6620 – $6440 and $6350 – $6380 trend lines are creating a pattern indicative of a breakout.
The DEMA is at $6648 and is providing a resistance to the price at that limit.
The Chalkin Money Flow indicator is below 0, which indicates that the selling pressure is greater than the buying pressure.
The ADL indicator is confirming the current sideways trend with no change in the movement.
The $6280 – $6360 lines and $6610 – $6440 trend lines are also lined up for a breakout soon.
The Double Bollinger Bands shows that the price in between the red zones of the 1st standard deviation and 2nd standard deviation.
The price is volatile as evidenced by the wideness of the Bollinger Bands. The basis lines are providing a channel for the price to move in.
The EMA is at $6540, providing a resistance for the next bull run of Bitcoin.
Most of the technicals of Bitcoin[BTC] are pointing at a bullish break for the coin, one which will test the $6600 and $6900 levels. A head and shoulder pattern also seems to be forming, however, the formation of the second shoulder has not occurred yet. This would imply that the price will go up, as the prevalent trend before the formation was a bearish one.
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