Technical analysis of Bitcoin market - Want to buy Bitcoin?

Translation: spring_zqy

03/28/2016 Technical analysis of Bitcoin market - Want to buy Bitcoin?

There are signs of a positive trend in the price of Bitcoin. If the current breakout of Bitcoin against the US dollar is not wrong, it is likely to continue to rise in the short term.

Key points:

·The price of Bitcoin against the US dollar has risen sharply in the last period and has broken through the main resistance level.

There is a clear upward trend line on the hourly chart (data from Bitstamp), which can be regarded as a buying zone after the bull market.

If the price recovers or declines from the current level, you may want to buy near the $415 to $420 support level.

There are signs of a positive trend in the price of Bitcoin. If the current breakout of Bitcoin against the US dollar is not wrong, it is likely to continue to rise in the short term.

Bitcoin Price Targeting Gains?

The price of Bitcoin finally managed to make an upward adjustment, and it was good to see that BTC/USD surpassed the major resistance price of $420. After breaking through this resistance, the price surged towards $427, which clearly illustrates the importance of breaking through the resistance level.

There is a crucial upward line on the hourly chart (data from Bitstamp), which can be seen as a support level and a buying zone. Once the price exceeds this upward line and breaks through the support level, the buying and selling price will likely be set in the $415-420 range, and then a one-hour stop will occur below the support level.

Additionally, the 50% golden ratio of the previous wave ($412 minimum, $427 maximum) can also serve as a major support level for the bulls, as this range is just above the highlighted trendline.

Technical indicators:

Hourly MACD (Moving Average Convergence Divergence) – The hourly MACD is trending down and the data in the table needs to be fine-tuned.

RSI (Relative Strength Index) – With RSI above 50, buying is under control.

Intraday Support – $415

Intraday resistance – $425