Technical analysis of Bitcoin for July 27, 2018 888011000 110888 Bitcoin has broken out of the long-term downward sloping wedge pattern. The sag that started back in December of 2017 is most probably over. Cost has actually begun a bounce, so that I expect to see ultimately the 13,000-14,000 cost level. Blue lines-bullish wedge Black rectangle-significant medium-term resistance Yellow rectangles -targets Bitcoin has actually started an upward relocation from the 6,000$ location and is now challenging important resistance at 8,300-8,700$. If cost handles to break above the black rectangular location we must anticipate at least a move to the first yellow rectangular area and the lower cloud boundary around at 10,200 $. A break above 10,500$ will open the way for a relocation to 13,600-14,500 $. Bulls are gaining back control of the pattern but just a weekly close above 8,700 $will validate a short-term pattern change. This spring BTC cost hit a low at around 6,000$, which is an extremely important level. Bulls should not lose this level, otherwise our longer-term view for a bounce towards 13-14,000$will be canceled.The material has been offered by InstaForex

By | July 27, 2018

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