Home Economy Bitcoin : BITCOIN: a bullish technical breakout to be confirmed Bitcoin : BITCOIN: a bullish technical breakout to be confirmed July 29, 2020 The price of Bitcoin, after the Ether coin, gives a bullish technical signal by breaking the resistance at $ 10,500.It must be confirmed at the monthly closing of Friday July 31.
Key technical factors of the article:
After the bullish technical signals from Ether, the price of Bitcoin finally aligns and exceeds the technical resistance of 10,000 / 10,500 $, with a bullish gap on the future contract.WARNING: this bullish signal must be confirmed by preserving it at the monthly close of Friday July 31st.
In my technical post last Friday, I returned to two important points: first of all the bullish technical signals given by the Ether coin (Ethereum blockchain) since mid-July and its very often precursor role for BTC.Then, the fall of the US dollar which is the dominant technical factor of the summer on the foreign exchange market and which produces a bullish effect on the price of gold and silver.By the way, the ounce of gold set a new all-time high yesterday and Silver went from $ 18 to $ 25 in 2 weeks.
While the ETH / USD rate reached its highs last year, it was finally the price of Bitcoin that gave a bullish technical signal on Monday by breaking the major resistance at 10,000 / 10,500 $.
Is this finally the technical signal to aim for the target of $ 13K / $ 14K, the records of the year 2019? BTC / USD chart in daily Japanese candles
Bitcoin’s price had been in a trading range for almost two months, since the previous halving of May 11.The accumulation and distribution scenarios clashed, breaking the major resistance 10K ultimately proves the bullish accumulation scenario right.You know my bullish bias on BTC, I have been waiting for this signal for a long time.Out of an excess of caution, however, allow me to express some reservations.
The first caveat is the following: the technical resistance at 10K / 10.5K $ is a long term technical pivot, so we must confirm the breach of resistance on a high time horizon.
The next monthly close is Friday July 31, the bullish signal must be preserved Friday evening to remove any doubts.
The second reserve could be a strong technical rebound of the US dollar with the Federal Reserve on Wednesday, July 29, which would automatically generate a retracement of the price of BTC / USD.
Finally, the third reserve is the bullish gap opened on the Monday futures contract between $ 9,600 and $ 9,900.
If it is a bullish breakout gap, it will not be filled immediately.But the futures contract has a habit of filling all its gaps, so there could be a retracement towards $ 9,600 before the rise resumes.
Ultimately, if the signal is confirmed, target $ 13k for the month of August! Bitcoin futures contract – source TradingView
Follow Vincent Ganne on Trading View for more financial market analysis.
The technical thresholds and trend shown above are based on the “price, momentum, sentiment, ichimoku” technical approach.The data comes from Bitstamp and the graphics of TradingView .
This content is provided for informational purposes only and does not constitute an investment recommendation.
We remind you that the investing in crypto-assets, including Bitcoin, is extremely risky .The prices of crypto-currencies are susceptible to large and unpredictable price fluctuations.Related Posts.
