Bitcoin, Crypto currency, Blockchain

Bitcoin (BTC) exchange rate analysis KW21 – Triangle Pattern or the upward channel?

fec58f0702537c5fad87008bcdd97c68 - Bitcoin (BTC) exchange rate analysis KW21 - Triangle Pattern or the upward channel?

The course fell on the 16. May the Support from the uptrend channel and entered a downward channel. A long-term perspective, the price is within a Triangle Pattern, the Resistance at 5. May has been tested.

Summary

  • The price of Bitcoin has fallen this week.
  • The Support of the since mid-April, the existing upward channel has been broken, but serves as orientation for the course. Currently the price is moving in a downward channel.
  • Overall, it comes to a neutral course evaluation. The most important Support is currently 6.680,39 Euro, the first interesting Resistance is 7.369,36 Euro.

The mixed price development of the last week continues: in the Meantime, the Support of the since the middle of April, pursuing the upward channel has been broken. Although the course is aimed to exceed this and tested in the context of the exponential moving average EMA100, but of course could not get back in the uptrend channel. Currently, the course follows a narrow down channel.

Long-term perspective, last week described the Triangle Pattern will continue to be pursued. At the beginning of may has been tested to its Resistance, currently the price moves in the direction of Support:

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The MACD on the four hour chart (second Panel from top) is currently positive, however, fell yesterday evening, the MACD line (blue) Signal (orange).

The RSI is at 45 and is therefore bearish.

Overall, a neutral evaluation.

Support and Resistance

The first Support is at 6.880,39 euros and is due to the Support of the backward channel is described. A further Support is provided by the Plateau between the 30. March of and 11. April described in 5.698,59 euros. This is on the level of Support from the Triangle Pattern.

The first Resistance is located at 7.369,36 Euro and, therefore, on the level of the rate of a maximum of the last week. The course should overcome this Level, would be described a further Resistance due to the rate before the rate drop of the last week at 7.882,00 Euro. This Resistance is also equal to the Resistance of the raised Triangle Pattern.

Entry points, Stop Losses and Targets

Again, the neutral evaluation advises to Wait and see. Brave could venture a Short Position, as the Stop the EMA100 in the amount of 7.239 Loss,55 Euro and, as the first Target of the first-mentioned Support choose. Otherwise you can wait and see if the rate falls below the first Support. Then you could use this as a starting point, as Stop the week, minimum Loss at 6.751 Euro and as the Target of the second Support 5.698,59 euros.

The price should bounce off a Support or on the first Resistance increase, that would be a good entry point for a Long Position. In the first case, as a Stop of the respective Support Loss, in the second case, the EMA100 at 7.239 would take 55 Euro. As a Target we could use in the first case, the first Resistance in the case of 7.369,36 Euro, in the second case, the second Resistance at 7.882,00 Euro.

Disclaimer: The presented on this page, rate estimates do not constitute buy or sell recommendations. They are merely an assessment of the analysts.

Images on the Basis of data from coinbase.com at 09:11 PM am 22. May created. For a deeper understanding of the concepts of rate analysis, please refer to this Link.

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