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Bitcoin Price Analysis: Bouncing up despite bad news from Exchanges security issues

  • Bitcoin achieves and overcomes the SMA200 in the 4-hour chart.
  • If BTC/USD is able to close and consolidate above the top moving average, bullish potential is big.
Bitcoin Price Analysis: Bouncing up despite bad news from Exchanges security issues
Tomas SallesTomas SallesFXStreet

BTC/USD 240 Min

The technical analysis leads now the market and any other reasons are being ignored by Bitcoin. In the last minutes, the Crypto board has shown a strong upward movement which has broken up the misgivings and has lifted BTC/USD spot up to $6,780. Any close above the long term moving average of 200 periods would be the starting point of a consistent bullish trend.

MACD at the 240-Min chart shows an unexpected new attempt to gain momentum that could lead the Bitcoin to levels not seen since first days of June.

The Directional Movement Index at the 240-Min chart shows us how the buyers are increasing their levels, while the seller levels are dropping substantially.

Author

Tomas Salles

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.

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