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Bitcoin Technical Analysis: Bullish Breakout Still Undamaged

The short-period value analysis of Bitcoin: The world’s largest digital currency has an indifferent short-period trading point, with the tag of first position digital currency is now trying to repair the lower values after currently fastening to a new trading increase of the year 2019. The year 2019 has been through lots of ups and downs in the cryptocurrency market.

The Bitcoin’s bearish MACD and RSI value differentiation are there on the 4-hour chart list, with the value of bearish differentiation growing downwards to the $4,800 levels. The same 4-hour chart list is also displayed that the BTC/USD combination has now dived even below the trend line with the value of $4,950 level the powerful form of close-period help.

The Pattern Watch: The investors should point out that a bearish ‘head and shoulders’ structure could begin to construct on the 4-hour chart list if the present pullout is starting to have speed.

Relative Strength Index (RSI): The Relative Strength Index or RSI signal on the specified time list is bearish too, with minus RSI value differentiation there.

MACD Indicator: The MACD signal on the 4-hour time list is bearish, with minus MACD value differentiation now there.

The mid-period value analysis of Bitcoin: Bitcoin is still bullish over the medium-period, along with the first positioned digital currency holding its up-going bias more than its 200-day circulating average.

The regular time draft is moving to point out that the current bullish breakout from the dropping wedge structure will yet stay undamaged. Technical help from the higher trend line of the dropping wedge structure is now placed near to the combinations of 200-day circulation average, around the value of $4,650 level.

The technical signals on the regular time draft are beginning to repair from over-purchased conditions while they still stay bullish.

Pattern watch: The investors should hope that the bullish medium-period bias to the BTC/USD combination to carry on while the value trades overhead the dropping wedge structure.

Relative Strength Index (RSI): The RSI is bullish on the regular time draft, while it is beginning to repair the lows.

MACD Indicators: The MACD signal on the regular time draft is presently displaying bearish MACD price differentiation.

The Bitcoin is at the stake of plotting a deeper close-period technical correction if the value begins to keep below the vital $5,100 level. The altogether medium-period bullish bias regarding the BTC/USD combination will stay undamaged, although value trades overhead the $4,650 level.

About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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