Bitcoin is still trying to consolidate their position, “stuck” inside a symmetrical triangle on the chart with four-hour interval, however, he continues to advance inside the ascending channel, if you watch in a shorter time frame. Until the price holds the support of this channel, but as a result of the rebound may reach resistance level.
Indicator 100 SMA is below the longer 200 SMA, although the path of least resistance is directed downward, and is more likely to indicate that the sale may resume. In addition, the gap between the indicators is narrowing, which may signal a weakening of bearish pressure and the possibility of switching the course in the upward direction.
In this case, the bullish momentum could bring the price for the upper part of the channel and triangle in the neighborhood of $6800. Please note that the height of the triangle overlaps the range of $2500, and so the resulting uptrend might be the same size.
The Stochastic indicator indicates the return of bullish momentum even with no signs of oversold. RSI is almost horizontally, which also signals the desire of bitcoin to strengthen their positions. However, if the resistance persists, the exchange rate of bitcoin may fall to the base of the triangle ($6200).
Last week was full of positive for major cryptocurrencies messages, for example, that Google will cancel the ban on advertising and bitcoin ICO since October. Previously, such advertising has been banned to protect users from possible fraud, but now it will be able to apply regulated organizations focused on the audience of USA and Japan. In addition, last week received information about the IPO company Bitmain and clear rules of listing new coins on Coinbase.
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