RATE Group | Bitcoin Price Technical Analysis for 05/04/2018 – Long-Term Double Bottom
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Bitcoin Price Technical Analysis for 05/04/2018 – Long-Term Double Bottom

04 May Bitcoin Price Technical Analysis for 05/04/2018 – Long-Term Double Bottom

Posted at 07:20h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price appears to be gaining traction on its climb as it approaches a key resistance.
  • A break past the $10,000 barrier could complete the creation of a double bottom reversal pattern.
  • Rallying past the neckline of the formation could lead to an uptrend of the same height.

Bitcoin price is forming a double bottom on its daily time frame to signal that a longer-term uptrend is due.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff could still resume from here, possibly leading to another test of the bottoms at $6,000.

The 100 SMA appears to be holding as dynamic support, though, and a move past the 200 SMA dynamic inflection point could draw more buyers in.

Stochastic looks ready to turn lower from the overbought region to signal a pickup in selling pressure as well. But if buyers stay in control, a mov past the $12,000 area of interest and…

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