Posts

BITCOIN: Bullish Signs In Anticipation of the Halving

avatar of @aezakmi
25
@aezakmi
·
0 views
·
2 min read

BTC/USD Weekly Chart

Finally out of the 8-month descending channel, Bitcoin is currently finding support at the 0.382 Fibonacci retracement, after having some difficulties around the 10000$ mark. We have the Moving Averages slowly turning upwards again and our first increasing MACD-Histogram after almost one year. Also, the TSI indicates a bullish cross too - and as before (March 2019), it happens a little after the MACD cross happens. Therefore, based on this signs, we could potentially have a very nice uptrend before the BTC Halving in May.

At the other hand though, if this happens to be a false breakout and a big sell-off occurs, we have the 200 weekly MA (grey) at last reaching the 0.786 Fib. retracement, meaning that if we revisit it and bounce at the 5500$ level, we technically won't have a trend reversal and we'll still be in a bullish trend.

BTC/USD Daily Chart

Upon a closer inspection, the ascending pennant reached the 10100-10600$ area, which seems like an important resistance level that we'll have to penetrate. This pennant could break on either sides, but breaking the lower side seems more likely for me. We had the MACD already bouncing at the signal line, but this time we have a bearish divergence on the MACD-Histogram, indicating that the bulls are losing momentum and the RSI broke the upper reference line for the first time in more than 7 months - so it's possible that the bears are waiting for further bearish divergences.

In case of us breaking the lower side of the pennant, I could see Bitcoin revisiting the 200 daily MA (grey) at 8870$.


BOUNTY:

Your expectation for Bitcoin's price before the 2020 May Halving!


Thanks for reading and safe trading!✌

If you find this post useful, please: