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Bitcoin (BTC) exchange rate analysis KW22 – At the bottom of the Triangle Pattern

The course is during the week, fell back and almost fell on the Support of the Triangle Pattern. In the meantime, could recover rate again and is currently testing the exponential moving average EMA50.

Summary

  • The price of Bitcoin has fallen this week.
  • The initially followed a downward channel has been undercut. Meanwhile, the former Support of this backward channel is used as a Resistance, which is also being tested currently.
  • Overall, one comes to a more bullish course evaluation. The most important Support is currently 6.080,00 Euro, the first interesting Resistance is 6.726,86 Euro.

The last week has been rather sobering: The course is more like it. In this course the fall he has not left only to the former uptrend channel behind, but also the last week discussed the downward channel. Yesterday, the price reached its previous Minimum, so that, as elsewhere shown, certainly hope for a Reversal. Currently, the exponential moving will certainly mean the end of EMA50 and thus, the former Support of the above-mentioned downside channel to be tested.

Caution is the mother of the porcelain box and a view on the long-term development, it should calm down the euphoria over the current Rebound to a healthy level. Finally, it is yet to be decided, whether it was with the Test of Support of the Triangle Pattern:

The MACD on the four hour chart (second Panel from the top) is positive and increasing. The MACD line (blue) is above the Signal (orange).

The RSI is at 56 and is thus bullish.

Overall, one comes to a rather bullish sentiment.

Support and Resistance

The first Support is located at 6.080,00 Euro and is from the most recently attained month minimum described. A further Support is provided by the Plateau between the 30. March of and 11. April described at 5.805,85 euros. This is on the level of Support from the Triangle Pattern.

The first Resistance is located at 6.726,86 Euro and thus at the height of the EMA100. The course should overcome this Level, would be to find another Resistance at 7.127,30 Euro. This Resistance is also at the height of the Resistance of the former downtrend channel.

Entry points, Stop Losses and Targets

Who would like to what car, can open a Long Position, all others wait until the EMA50 was finally overcome. Stop Loss would be in the first case, the Support 6.080,00 EUR, in the second case, the EMA50, which currently stands at around 6,500 euros. As a Target you would choose the two Resistances.

The rate should Fall back to the second Support at 5.805,85 euros is very interesting. The price bounces off the second Support can be used as a Stop Loss for a Long Position. The Targets were the same as indicated above. Can the Support of the Triangle Pattern, a case Bitcoin course does not stop should be considered a Shorting Position. A possible Target would be € 5,000 up to € 5,200. In this Area the course was in the beginning of November 2017. As a Stop Loss, you would benefit from the Support in height of 5,805,85.

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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