Price of TRON explodes after meeting
Bitcoin breaks USD 9000
After recalculating Fibonacci retracements, we can see how Bitcoin has corrected up to the 61.8% ($8,240) retracement of its last peak $9,200. If the price is looking for a 161.8% peer extension, it could reach $10,100. The volume profile gives us a good input signal, when closing the candle above the POC (Point of Control) located at $8,750.
If we analyze, a larger time frame, like the daily one, the scenario is also very bullish. Bitcoin has been moving within a downstream channel since July last year, channel that has been recently broken as we can see on the graph. After confirming the break, Bitcoin has made a movement of Throwback to the broken channel, a common signal when a break is confirmed and the new support obtained is sought.
The RSI is shown on the rise and in the domain zone of bulls over 60 and there is room to continue buying. The volume profile shows us strong support in the re-buy area, close to $7,600, but above $9,000 there is strong resistance where sales are rising and traders can take profits. It is therefore important that Bitcoin breaks through the $9,200 mark in the coming days.
The 1-week graph, confirms what we see on the smaller time frames. In this time span we see very interesting signs and indicators that make us quite optimistic. We find the first signal at the end of the previous candle, where the price broke the bearish channel and the 20-period of the EMA, reached a recovery and stayed above it.
Another very bullish sign is found on the MACD, which has recently reached a bullish cross close to zone 0, which means medium to long term buyer interest in a large period like this. The RSI is above 50 points, indicating a positive trend, although the bulls still have no indication of a true bull run.
Author : Javier Búfalo