Bitcoin Market Outlook: $300 is Expected

The price of Bitcoin is showing signs of heading higher. Technical analysis suggests that favorable conditions exist for an upside move in the chart, but the current uptrend may face pressure from a clear resistance line.

Bitcoin Price Analysis

BTC China 1-hour chart

From xbt.social report earlier today:

The 20-period moving average (green) is approaching the red 200-period moving average and is about to cross. Unless a massive sell order occurs in the next few hours, the market will occupy a position above the 1-hour 20-period moving average and the 1-hour 200-period moving average. The current moving average trend is bullish and our suggestion indicates that the market has now opened a long-term bullish trend channel.

Another point worth noting is that the price is still below the key psychological level of $300/1800, which may be a ceiling.

A precedent for a similar moving average pattern is marked on the chart to the left. Price rose above the 20-period MA/200-period MA crossover, reversed from a larger timeline resistance line, and soon began to fall.

We formulate operational recommendations by using dynamic stop loss and multiple time period analysis. Therefore, we can give a long-term investment recommendation based on our approach and give the best exit time window when the trend begins to reverse and make a profit.

Trading is a game of probability. You don't have to be too picky about who is right, just pace yourself. - Vadym Graifer

Summarize

Barring a catastrophic sell-off, Bitcoin price action will be bullish if the price can move above the crossover of the 20-period moving average and the 200-period moving average. The fact that the price remains below the psychological level of $300/CNY1800 is a clear threat to the current rally and could delay or reverse it. However, the $300 breakout earlier this month suggests another attempt is not out of the question. Regardless, caution is advised as the price revisits this level.

Bitfinex Order Depth and Volume Indicator: