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Bitcoin / USD Technical analysis – Graphical – 3 July 2019

Bitcoin is currently trading at a nice level ready to break out in my opinion. The trend line resistance on a 4 hour timeframe has just seen a breakout. We still need some time to see where the candle closes for confirmation.

Not exactly what I would call a signal, but I would see up move up from here; but like always this is Bitcoin and it loves to surprise.

Bitcoin smashed through that $10,000 resistance zone that was created by the bearish move down we experienced. RSI is at the top end at the moment as we experience a little bit of accumulation on the hourly chart. With the triangle formation seen above, Is see a move up as we have higher lows in proportion to the lower highs. Once we get through the $11,490+ mark the next resistance point is around $12,200 – $12,350.

This is all hypothetical at the moment given the volatility not too long ago. A slight correction down to $11,500 would then be healthy for BTC. A move up from this point could push us up to close around $13,000+. RSI is accumulating at an overbought level, which, could mean good or bad news in any case because this doesn’t really show an accurate indication when Bitcoin is on a bullish run.

Nevertheless, altcoins will most likely fall form the shakeup as BTC dominance is still rocking it’s highs above 60%. Time will tell and as always but the next 8-12 hours is crucial – trade safe everyone; Capital preservation is key!

 

About Adrian Barette

A professional journalism major at the University of London, Adrian co-started Bitgrum.com as an official news/media platform. Adrian is an experienced online publisher with a significant contribution to Economics, Finance, and Technology sector in the UK. With an immersed following fan-based, he aims to contribute to the progress of UK's business companies and individuals.

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