BTC/USD has been trending up for almost 5 months already. But, are these reversal signs guiding BTC towards a more bullish market or just a retracement inside the long-term bearish trend?
BTC has almost reached $6,000. A level that, if broken upwards, can mean the beginning of the end of the long bearish market. Which not necessarily indicates the start of a new bull market like the one we had during 2017.
For now, there are important resistances like R1 and R2 that have to be broken and consolidated. These resistances might push the price down since BTC has been increasing for some time with a proper consolidation. Currently, MACD showing bearish divergences and crossovers, which can be anticipating a pullback to S1.
--CRYPTOHOPPER--
Disclaimer: None of these statements are financial advice. Cryptohopper is a trading platform that allows the user to trade with cryptocurrencies according to their strategies and signals. The information provided by the staff is merely informative.
Market analysis provided by Antonio Verdu, TA specialist at Cryptohopper.
BTC has almost reached $6,000. A level that, if broken upwards, can mean the beginning of the end of the long bearish market. Which not necessarily indicates the start of a new bull market like the one we had during 2017.
For now, there are important resistances like R1 and R2 that have to be broken and consolidated. These resistances might push the price down since BTC has been increasing for some time with a proper consolidation. Currently, MACD showing bearish divergences and crossovers, which can be anticipating a pullback to S1.
--CRYPTOHOPPER--
Disclaimer: None of these statements are financial advice. Cryptohopper is a trading platform that allows the user to trade with cryptocurrencies according to their strategies and signals. The information provided by the staff is merely informative.
Market analysis provided by Antonio Verdu, TA specialist at Cryptohopper.