BTC course analysis – breather or decline?

The price rose until the middle of the week, reached an all-time high of EUR 1,732.82 (USD 1,894.58), fell thereafter and is currently at EUR 1,593.22 (USD 1,741.95).

Summary about the Bitcoin loophole

Until 11 May, the price rose continuously to an all-time high of EUR 1,732.82 (USD 1,894.58).
The price then collapsed and fell to as low as EUR 1,505.54 (USD 1,646.08) like this: Since then, the Bitcoin loophole price has recovered somewhat and is currently at EUR 1,593.22 (USD 1,741.95).

My goodness, what weeks… Bitcoin reached an astronomically, yes, almost insanely high all-time high of 1,732.82 EUR (1,894.58 USD). But this increase was over with the approaching regulations in China and the current miserable situation regarding the transaction confirmations: The price plummeted in breathtaking speed to 1,505.54 EUR (1,646.08 USD). As is so often the case, the end of Bitcoin was prophesied again, according to the motto „its 2014 all over again“.

Well… in the end the ladies and gentlemen who expressed this concern should also have seen that even after the abrupt fall in the share price one was at heights of which one hardly dared to dream two weeks ago. The share price had to or must recover again, it rises significantly faster than any long-term trend.

At the moment the situation looks a bit better again: If you take a closer look at the formation or the uptrend of today, you can see that it follows a bullish triangle pattern:

The long-term course development of the news spy

Everything doesn’t look that dramatic – an impression of the news spy that is also reflected by the indicators on the 60min chart.

The MACD (second panel from above) is currently still negative. „Still“, since the news spy MACD line (blue) is above the signal (orange), so that little is missing to a bullish zero line crossing. In this respect, the MACD is admittedly not bullish, but it is trying to become so through a bullish crossing.

At 53, the RSI (third panel from above) is slightly bullish.

Together with the bullish triangle pattern everything looks very positive so far, so one can hope that the price breaks through the resistance described by the EMA48.

Tip: Use our#Slack-Channel to exchange live with the German-speaking community about the current course of the course.

Let’s first look at the 240min chart to further assess future developments:

The lower of the two long term trends is our old friend, the trend the price has been following since October 2016. The line above shows the current rally that the price has started since the end of April. They are, of course, important supports, as are the EMA84 (i.e. over two weeks) and the currently tested EMA42 (i.e. over a week).

The MACD is positive, but the MACD line is close to a bearish zero line crossing. The abrupt fall in the price has its price, of course. The RSI has of course also fallen, but is neutral with 50.

Of course, after the rally of recent weeks, the MACD is not simply positive, but absurdly high. Yes, you can see a slight recovery, but not more. Recovery is also the keyword for the RSI: After the RSI reached an absurd 93, it is now only slightly overbought.

Well, the price is taking a breather – all charts have indicated that. Nevertheless, they are neutral to bullish. Important for the next time will be the behavior on the Triangle Pattern; this will certainly determine the further price development. Since this is a bullish triangle pattern, a further rise may well occur.