We present you the translation of the article on the analysis
Market breadwave from analyst Omkor Godbo In the article, he predicts the development of the situation in the crypto-currency market: a break for relief, most likely, formed the basis for the next phase of value addition
For most of the last 15 hours, the value of the major crypto currency was traded at the $ 7240-$ 7440 value limit. In yesterday: 00 UTC BTC was able to reach 40 days high - $ 7588.
In addition, BTC considered more at the highest level of multi-week, so a small improvement was expected.
More importantly, the decrease in value and subsequent consolidation (if you analyze it against a background of reverse patterns of a rapid success "head and shoulders" in a volume nail) suggests that in the direction of BTC, 8, a more permanent Rally is likely to collect strength for $ 000.
At the time of writing
Bitfinex BTC is traded at $ 7400 - it is less than 24% before 0,20 hours
Daily chart
BTC rally has been suspended for the last 24 hours. Even so, the situation remains excited cryptocurrency is placed above the neck of the reverse pattern (6838 $) reverse pattern "head and shoulder" (former resistance level).
The Relative Strength Index (RSI) is higher than 50,00 (in the Bushy Region).
The Short-Term Moving Average (MA) (XNNX-Day, XN.NX-Day) also favors bulls moving towards the north. The chart also shows an enthusiastic intimate between the moving average of 5 days and 10 days.
In addition, Bollinger (deviation + 2, daily 2-MA to -20) offers turn on the side of the bull, and the upper band Bollinger provides BTC support.
Obviously, Bitcoin is targeting $ 8000, and the hourly chart indicates that this movement can occur in the next 48 hours
Local schedule
Bollinger bands became slightly narrowed yesterday, which means that instability (represented by the Bollinger band interval) is less than 24 hours.
As a result, there can be significant movement in any direction, because the long period of low volatility is often replaced by the period of high volatility.
It should be noted that this phase is expected to increase, as RSI starts increasing, in the last 15 hours, the required 46,00 support is making.
In the meantime, moving average (50 hours, hours and 100-200 hours) arranged one over the other, it shows that the least resistance is the way.
Look forward
Rollback of BTC price, most likely that the rally is allowed to collect strength in $ 8000, the level of psychological resistance can be tested in the next 48 hours.
Short-term prospects remain optimistic until the BTC trades above the neck level of the reverse "head and shoulder" pattern ($ 6838).
A deeper technical improvement, if this happens, can be short-lived, because both the days and hours of the program favor the bull
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