Bitcoin jumps to highs since June 9; technical break
InvestingOnline.com
18/07/2018, 23:14The crypto king is trading higher for the fifth day in a row against the US Dollar as investors are returning to see the crypto asset with appetite eyes following a technical break event at 6,750 happened a couple of day ago.
The BTC/USD accelerated on June 16 and 17 after breaking a short-term resistance at the 20-day moving average around 6,380. Then, stop loss triggering launched the pair to test and break the 6,750 area that subsequently, it smashed other stop losses around 7,000.
Today, the BTC/USD is trading 0.16% t 7,326. Bitcoin is trading in consolidation mode following a jump to a high since June 9 at 7,577 earlier in the session.
In the 4-hour chart, the pair looks in a consolidation phase following the latest bullish movement. The BTC/USD looks inside in a breaking uptrend movement with moving averages pointing and aligned to the upside.
The pair looks overbought, but momentum is bullish, though the sentiment is taking a breath.
Turning back to the big picture, the break above the 6,750 gave reasons to the bulls to buy more, and the movement gained in acceleration and the sentiment is good for the crypto king.
Technical conditions for the bitcoin are now bullish, moving averages are starting to turn bullish, but it is too soon to call for a bullish trend.
If the pair consolidates gains at current levels, 7,500 is the next level to break. Above that, 7,750 and 8,000 are possible selling areas.
To the downside, the pair needs a close below the 50-day moving average to recover the bearish feeling. Below that, next support would be at the 20-day moving average at 6,550 and 6,080. Then, the 5,790 is the next frontier.
