Bitcoin could be close to a trend reversal

The weakness of the cryptocurrency market continued, driven by the sixth month of the bearish market row with regard to bitcoin; even if the sensation, quite widespread, is that we are close to an inversion of both bitcoin and the whole market, for this week it seems difficult to expect big rises despite the news coming from overseas appear to be very promising. In addition to the fact that nasdaq is preparing to launch its own exchange based on blockchain technology, last week to spark the enthusiasm of the crypto-traders we thought bittrex that has officially opened the exchange in FIAT currency, currently only for a few institutional investors, but with the promise that this opportunity will soon be extended to all operators.

All this, on paper, should bring new liquidity to the market, favoring the start of a new bullish cycle. We come, briefly, to the analysis of the price, as regards the one-day chart currently bitcoin is still below the pivot point (at 8186 $) and shows several signs of weakness on the 4H chart (the MACD has just finished building a bearish divergence and came back bearish as I write this post, price in the cloud regarding the ichimoku that seems to be destined also to become bearish in the coming hours).

Even the weekly chart does not leave room for particular enthusiasm, but the news that, as we have been able to explain, follow each other every day from the United States give hope that we are facing an evolving situation and probably destined to change soon. From a long-term viewpoint, it may therefore be advisable to open a position at this time on bitcoin, as the price may still fall from the current $ 7,500 to touch support at $ 6369; I do not expect big hikes for this week, hardly the price will be able to break the resistance at $ 8,186 and even if you could find a fairly solid around $ 9267 (and then eventually retrace). To conclude, I point out that the risk of a heavy fall at $ 3,000 has not yet been completely averted although at this time most traders do not consider this possibility as particularly probable.

About Andrea Romanazzi 4 Articles
Entrepreneur and independent financial analyst, Andrea is a cryptocurrency trader who over time has developed his own trading strategy. He is the author of the course "criptovalute trading" published in the trading section of this site, follows the markets daily trying to seize the best opportunities that arise to obtain profits. eMail: andrea@altcoinews.it

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