3 Charts Suggest Bitcoin Prices May Be Headed Higher

A closer look at the graph reveals the best end of the channel was playing a spoilsport since Wednesday. Therefore, it appears safe to say the bulls should be feeling emboldened, having crossed a key hurdle.
BTC scaled the channel resistance (top end) earlier today, confirming a bullish breakout, that is, that the sell-off in the July 25 large of $8,507 has finished as well as the bulls have regained control.
The cryptocurrency also has discovered approval over the 50-candle moving average (MA) and looks set to check that the 100-candle MA, now located at $6,725.
Bitcoin image via Shutterstock; abbreviated by Trading View

Released at Fri, 17 Aug 2018 11:00:03 +0000


  • BTC stays on the search of the inverse head-and-shoulders neckline immunity of $6,715. A bullish breakout, even if confirmed, would validate that the bearish-to-bullish trend change signaled by the 4-hour graph and allow a sustained move above $7,000.

To get bitcoin (BTC), the course of least resistance is to the upsidedown, according to technical charts.

Acceptance above that level would open the doors to $7,500 (target according to the measured height process ).

Daily graph: Short-term MAs are beginning to embrace a bullish bias

At this time, the top cryptocurrency is changing hands at $6,430 around Bitfinex — up 9% in the Aug. 14 reduced of $5,859.

But such concerns may be unfounded since the bullish bias has just strengthened in the previous 24 hours, as seen in the technical charts below. As a result, could grow toward $7,000 (psychological immunity ) during the weekend.

The relative strength index has seen a bull flag breakout — even a bullish continuation pattern — which suggests BTC could soon pick up a strong bid and leap to the inverse head-and-shoulders neckline of $6,715.

1-hour graph: Bull flag Rush around the RSI

Even the 5-day MA is starting to rise at a bull-friendly fashion and has nearly grabbed the 10-day MA from below (bullish crossover). This change of direction by the 5-day and 10-day MA factors to a short-term bullish setup.
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4-hour graph: Bull breakout confirmed

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But, BTC has neglected thrice in the previous 72 hours to continue to profits above $6,500 using the latest attempt to scale the emotional level neglecting a couple of minutes prior to press time. This will induce investors to question the sustainability of their current gains.