The Bitcoin market has seen yet another bullish wave as Monday came along. It isn’t uncommon for Bitcoin’s price to rise at the beginning of the week and slump down towards the end, this week was no different. The discord between the West and the East in regards to the 5 month long triangle which was discussed in our previous technical analysis featured on cryptocrooks.com, is the reason for the decreased overall trading volume in the past few days.
Looking at the current price increase we can also see an increase in RSI, indicating a healthy market.
Chart from themerkle.com/price
At the current price, okcoin seems to be holding a very major triangle as shown by yolotrade‘s chart from r/BitcoinMarkets:
The general consensus seems to be that if the triangle holds then most traders will go bullish, otherwise the bears might enjoy some panic if support breaks down. Speaking of support, currently it is right at the $406 level as it was proven with volume earlier in the day. Watching the market we can also see that the price has broken the 200 day EMA trend-line, a sign that Bitcoin might be trading sideways in the next few days.
Chart from themerkle.com/price
As mentioned previously, if the price breaks out above the $425 resistance zone there isn’t much in the way for a climb up to $500. On the other hand, the closest support zone is way down at $406 leaving the market vulnerable to volatility if whales decide to join the party. If no major selloffs occur any time soon, the market seems to be heading towards the infamous $420 (cough cough) zone which has served as a battleground since the beginning of the month after the major selloff to a $380 low.
Chart from bitcoinwisdom
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