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BITCOIN (BTC/USD) Exceeds Three Critical Points on the Chart.

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CriptoAr
@criptoar
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Bitcoin has overcome several key resistances at the time of writing. We will see what they are and what the price of Bitcoin should do to continue its bull cycle

Let's get started

Bitcoin gives us hope to continue with the bullish cycle in search of new highs

Today it has exceeded the average of 200 periods, 50 and 20 daily chart.

At the time of writing this article, it is above the 3 middle lines.

The mean of MA 100, daily chart, was the key where the price was supported and from there the price rebounded

In the previous article, I mentioned that the mean of 100 was the key to not thinking about correcting, and it was.

Many analysts already said that bitcoin would continue in correction until 30,000, 23,000 or 15,000 dollars.

That is why it is necessary to analyze day by day and with high temporalities.

Weekly Analysis

The price remains above the MA (Average Line) of 20 weekly periods.

This week we saw the price touch it again and it has rebounded.

If we analyze the weekly chart, the price of 47200 is a good resistance since it has been the closing or opening price of previous weeks.

Bullish indications

  • Bitcoin price remains above the 20-period weekly MA

  • The price of bitcoin remains above the daily MA of 20, 50,100 and 200 periods

  • 3 positive daily candles with volume increase.

  • Historically the last quarter has been favorable for Bitcoin.

  • Investors keep buying bitcoin and withdrawing it from exchanges.

The week was negative but yesterday purchases and withdrawals from the exchanges began

Conclusion

Today it would be essential for the price to rest on one of the MAs that has just been surpassed.

They are still key days, September has already ended, which was historically a negative month for the price of bitcoin.

Now let's think about the possibilities.

Bullish

  • Ma of 50 periods. The best option would be to lean on the MA of 50 periods daily chart and from there continue with its rising price

  • Ma of 200 periods. Another good option would be to lean on the MA of 200 periods daily chart, only 3% of the MA of 50 periods looking for strength to then continue with its rising price.

  • 20-period MA. Another good option would be to lean on the 20-period MA daily chart, it would give signs of thinking about a bullish bitcoin, and going step by step, it is only 4% of the 50-period MA looking for strength to then continue with its rising price.

Down

If you cannot keep any of the 3 candles at the end of the day it would be a sign of weakness or it may happen that some financial market has affected the price of Bitcoin downwards, in that case we will analyze the possibilities if they arise. For now unlikely since yesterday the bags have fallen and not the price of bitcoin

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are. Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment. If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.

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