Bitcoin Will Grow Further
The price increased to $13,200 and rolled back. At the same time, the lows are getting higher each time. All of this indicates the formation of an ascending triangle.
The price may still go down to $12,850, after which, we will see an upward reversal. This zone perfectly matches the lower Bollinger band. Hence, from this range, we will see another round of growth.
Stochastic, RSI and MACD are in a downtrend and there are already signs of a reversal on them.
All this indicates that the price will test the $13,200 zone once again and will most likely go up. Immediate resistance will be the $14,000 level, where the chart may linger. In the case of a consolidation, we can see another round of growth to $14,500.
At the current moment, the Bitcoin chart has a strong upward structure, and it will not be the best option to go short in the coming days. A good spot to short would be around $14,000.
The price may still go down to $12,850, after which, we will see an upward reversal. This zone perfectly matches the lower Bollinger band. Hence, from this range, we will see another round of growth.
Stochastic, RSI and MACD are in a downtrend and there are already signs of a reversal on them.
All this indicates that the price will test the $13,200 zone once again and will most likely go up. Immediate resistance will be the $14,000 level, where the chart may linger. In the case of a consolidation, we can see another round of growth to $14,500.
At the current moment, the Bitcoin chart has a strong upward structure, and it will not be the best option to go short in the coming days. A good spot to short would be around $14,000.
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