Bitcoin, Crypto currency, Blockchain

Bitcoin price is breaking out of Downtrend

66e2a6900252b4a9ccee9cfb810e4c21 - Bitcoin price is breaking out of Downtrend

According to a very bearish start of the month the price of Bitcoin could rise again gently. A Pump 23. 24. August lifted the rate on a since the end of January, followed a downward trend.

Sometimes you are happy victories also over a small stage. So the price of Bitcoin could rise since mid-August. Actually, interesting that the price did not react dramatically on the Back-and-Forth to the Bitcoin ETFs or the De-facto ban from China. Similarly, the various price forecasts made by the Bitcoin of various experts, the investors, rather cold. Overall, it is positive to note that the market is not controlled so nervous and news as a few months ago.

The price of Bitcoin was able to overcome an important Resistance and is currently testing the exponential moving average EMA50:

The MA20 in the week chart was in since the end of 2015, lasting bull market, a Support that continued until the end of January and, since then, a Resistance for the rate development. It has been tested for the Below three times, but it proved to be always a strong resistance. The MA20 currently stands at approximately 7,400 in U.S. dollars. At the current rate of 6,800 US dollars, the Bitcoin needs to increase rates so approximately nine per cent.

This is by no means impossible. The Rise in January followed a downward trend in this regard is a good place to start. The Declaration of a new Bitcoin Rally is still early, but with less than a set Stop Loss on the height of the plateau at 6,400 US dollars you can open quite a Long Position.

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