bitcoin chart2

Bitcoin Prices Turn Bullish

This week, Bitcoin BCH quotes were growing, following the main trend of the entire cryptocurrency market. Experts attribute the growth to an aggravation of relations between the United States and Iran after the assassination of Iranian general Qassem Soleimani. Currently, cryptocurrencies are increasingly perceived by investors as safe havens, like gold, so the possibility of a new military conflict logically pushed prices up. Yesterday, BCH quotes rose to 255.00, after which they made a correction attempt, reacting to the speech of US President Donald Trump, who announced the introduction of new economic sanctions, but did not mention plans for military operations against Iran. Nevertheless, the upward potential of the market is not yet exhausted.

Support and Resistance

The key level for the “bulls” is seen at 250.00 on the upper edge of the Murrey trading range, which the price tested the day before. Consolidation of the instrument above it can cause an increase to the levels of 281.25 (Murrey [+1/8]) and 307.00 (November highs). Otherwise, a deep correction to the levels of 187.50 (Murrey [6/8]) and 170.00 (December lows) may begin. Technical indicators generally signal about a continuation of the uptrend. Bollinger Bands are pointing upwards. MACD histogram is growing in the positive zone. However, Stochastic left the overbought zone, which does not exclude correction within the uptrend.

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Resistance levels: 250.00, 281.25, 307.00.
Support levels: 218.75, 187.50, 170.00.

Trading Ideas

BCH seems to be showing stability at support above the 100 day MA. May be a satisfactory launch pad for another try to the upside. I’m long with my eyes just below the heavy resistance at 270. It corresponds with some fib levels. I see a potential drop to 222 area before I exit this trade if it breaks through. Long positions may be opened above the level of 250.00 with targets at 281.25, 307.00 and stop loss at 232.00. Short positions could be opened below 218.75 with targets at 187.50, 170.00 and stop loss at 230.00. Implementation time: 5-7 days.

Bitcoin 1 Day Moving Averages

Name Value Action
Exponential Moving Average (5) 233.62 Sell
Simple Moving Average (5) 236.39 Sell
Exponential Moving Average (10) 226.08 Buy
Simple Moving Average (10) 223.05 Buy
Exponential Moving Average (20) 217.11 Buy
Simple Moving Average (20) 209.51 Buy
Exponential Moving Average (30) 214.85 Buy
Simple Moving Average (30) 205.37 Buy
Exponential Moving Average (50) 217.81 Buy
Simple Moving Average (50) 208.47 Buy
Exponential Moving Average (100) 233.49 Sell
Simple Moving Average (100) 230.16 Buy
Exponential Moving Average (200) 260.70 Sell
Simple Moving Average (200) 276.87 Sell
Ichimoku Cloud Base Line (9, 26, 52, 26) 212.65 Neutral
Volume Weighted Moving Average (20) 217.35 Buy
Hull Moving Average (9) 246.80 Sell

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4 thoughts on “Bitcoin Prices Turn Bullish”

  1. Pingback: Bitcoin Prices Turn Bullish – AlphaBetaStock.com | First Option

  2. Pingback: Cryptocurrency Morning Report - Bitcoin Stumbles - AlphaBetaStock.com

  3. Pingback: Cryptocurrency Morning Report – Bitcoin Stumbles | Libr.co

  4. Pingback: Cryptocurrency Morning Report – Bitcoin Stumbles | LibraFutureMoney.com

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