Hi friends! Welcome to this update analysis on bitcoin! Let’s get right to it! Looking at the , we can see that the 50 (in orange) is STILL holding. Just as I told you on the last analysis, remains . In fact, it is now even MORE than it was before, because we’ve turned to the 50 and half it as support, thus far. Don’t forget that the 50 has been massively resistive for the entire bear market. Now, we have broken above it, and is currently holding it as support. If it continues to hold, that is a major turning point in the market that should not be ignored. As long as the 50 holds, the target is at the top of the (in blue) somewhere in the mid to low 4000s.
Looking closer at the recent price action around the 50 , we can see that price did temporarily break below it a few days ago, but rallied back above the 50 to produce a dragonfly . Additionally, that candle bounced off of the top of the triangle (in black.) So, not only did the 50 hold, but the top of the triangle held support. As long as that continues to be the case, the top of the will be the target.
On the , we did get a crossover, but that is expected as the market consolidates here. If we break down below the 50, and expand lower on the on high , then that could slightly change things. However, that is not currently the case. The data currently shows us holding critical support, and unless it is broken, the top of the remains the target for the short term.
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Published at Fri, 01 Mar 2019 19:30:28 +0000
