Bitcoin Technical Analysis $5000 or $2000?
Bitcoinik Team did the Technical Analysis (TA) of Bitcoin (BTC). Bitcoin is quite stable after the massive crash in November due to the Bitcoin Cash (BCH) hardfork. The crypto market is now facing the longest bear market (14 months) in Bitcoin History.
A symmetrical triangle is found on the 1-day timeframe. The symmetrical triangle is not broken yet. Two waves are complete and maybe we see a small dump to $3740-$3850 range.
A small upside channel is also found inside the symmetrical triangle which is already broken downwards. Bitcoin is facing heavy resistance around $4000 and unable to hold above $4000.
Bitcoin trend is turning bullish on the 1-day timeframe. The market volume is doubled since the last month. This is a good sign of recovery. Bears are losing control and market is going into accumulation/sideways period.
The 100 MA (Moving Average ) is turning upwards and Bitcoin is trading above the 100 MA line. The 50 MA cross the 100 MA which is a bullish sign. The 200 MA is still in a downtrend and will heavy resistance for now. The 200 MA is now around $4710 if Bitcoin able to hold above $4000 the market trend will change in the next 2-3 months.
Check Full Chart.
Tom Lee predicates that the Bitcoin market will see a bull run in August. The is now preparing itself for the next bull run. Charts saying Bitcoin will test $5000 and maybe the last dump is possible to $2500-$3000. Our advice is to stay away from altcoins for a new entry. Take partially profits from your open positions and wait for the next dip.
