Bitcoin, Crypto currency, Blockchain

Bitcoin price back above US $ 7,000

28. August, the Bitcoin price managed to overcome again the US $ 7,000 and, at least until the Morning of the 29. August of this Level. Overall, it looks however after a slight consolidation.

But: yesterday, in the Altcoin-market analysis indicated bullish Sentiment for the Bitcoin price managed to hold on to and the course of US $ 7,000 raise. A look at the four-hour chart reveals that the price for the 13. August, a stable upward trend followed. The price of Bitcoin has risen in this upward trend over the exponential moving averages EMA50 and EMA100.

Currently it seems that the Resistance of the upward channel had been tested. Similarly, the RSI is currently in overbought area, so there may be a slight consolidation of the course. A look at the daily chart shows that there is still Potential for movement is for further upside:

One should not, therefore, explain the current upward movement is immediately terminated if and when the price falls below US $ 7,000 – this behaviour of the upstream channel to be quite. It is important to keep the behavior of the Support of the upward channel, which is currently 6.548 US Dollar, in the eye. It can serve Loss in the case of the Eröffnens a Long Position as the Stop.

For a bull market of Bitcoin must increase in the course

As Recently pointed out, the current positive development is still no guarantee of a bull market: The price of Bitcoin is still below the moving average of the last 20 weeks. For a bull market, the price must be sustainable over this. Currently, the MA20 lies in the weekly chart at 7.357,49 US dollars. The price must rise still at five percent. The Bitcoin should keep track of course the uptrend channel, it is possible that this Level will be tested this week. With a view to testing the MA20 in February, April and July, this is a strong Resistance to, and thus constitutes a first interesting Target.

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