Technical Indicators Announce Upward Movement in Bitcoin (BTC)

Some technical indicators show that Bitcoin offers good protection, and according to these indicators, the biggest cryptocurrency can rise up to $ 9,600 at the start of the week.

While US President Donald Trump’s retaliation tactics to China show that a new storm is approaching in the stock markets, the fact that giant economies such as Japan and Germany have already been in recession is a sign that a storm is about to begin.

The past few months have demonstrated the importance of diversity in investment. Those who made all their investments to stocks lost about 35% of their capital. Investors who put a certain part of their portfolio into Bitcoin managed to be protected.

Bitcoin started to decline on May 20, after 50 BTC, which was one of the first 11-year wallets, took action. The decline continued until May 22. Since then, the BTC / USD pair has been able to hold on to the key support zone and has returned. Bitcoin, which has shown a steady but gradual rise, has traded at $ 9,200 and has achieved a very positive atmosphere.

Technical Indicators Indicating the Rise for Bitcoin (BTC)
Looking at the hourly chart in BTC / USD, we can see that it is in an uptrend. Important indicators that show that Bitcoin will rise to higher levels are as follows:

  • The Relative Strength Index or RSI is on the rise. He turned sharply from the previous decline and is now heading towards the overbought territory. This indicates that the number of buyers has increased.
  • The trend line will soon break, and when this happens, the chances of Bitcoin rising seem higher than the chances of falling.
  • If Bitcoin falls below the trendline, there are two important areas of support. The first is the $ 8,297 support and the second is the support area where BTC has returned before.
  • The 50-day Simple Moving Average (SMA) serves as another support.

An important move is expected in Bitcoin after the opening of stock markets on Monday. Overall, the chances that BTC will surpass $ 9,600 early next week!

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