Bitcoin – Technical Analysis

bitcoin technical analysis

BTC – Genesis

Bitcoin was created during the global financial crisis in 2008. It has become the first mass cryptocurrency based on innovative blockchain technology. Bitcoin analyzes have already attracted professional financial market participants andalso many young people, hoping for a quick return on investment. A little information about how to make money on bitcoin you will find at the bottom of page.

Technical analysis – make money with Bitcoin

Cryptotrading, or trading on the cryptocurrency market, is largely based on the use of technical analysis. Technical analysis is a method of interpreting price movements of a given financial instrument. Main aim of Technical analysis is predicting subsequent moves then you earn more money.

Support levels and resistance levels become very important for BTC / USD technical analysis. The most key level seems to be 5900 – 6000. It is more or less from this price range that the gigantic demand rally began in autumn 2017. It is in this price channel that the BTC / USD value for a long time remained after strong declines. However, the collapse occurred – again in late autumn – in November 2018. Today, we all have hope that new bull run will start soon.

bitcoin technical analysis

Bitcoin – Hossa 2017

In December 2017, BTC / USD reached historical highs, the Bitcoin price reached 20 000 $.

Investor sentiment that prevailed at that time was one of the most characteristic possible sentiment for the bull market. Skeptics say it was the speculative bubble. However, since then BTC / USD has been systematically falling. Although many analysts expected a correction that is characteristic of all major one. Further declines have long been associated with a trend reversal, not a correction. Exceeding $ 4,000 in March 2019 became a shopping signal for many people, marking a return to the upward trend.

However, it is difficult to predict at this time whether Bitcoin will ever approach the levels set in December 2018. Fundamental factors associated with attempts to limit the cryptocurrency market by individual countries definitely do not favor this.

bitcoin technical analysis

Bitcoin is King

However, analyzing all aspects, the conclusion that Bitcoin’s current position is the highest among all cryptocurrencies will still be valid. The most important reasons for this phenomenon include the dependence of cryptocurrency rates with the Bitcoin rate. It translates into a situation in which, the price values of other cryptocurrencies fall with BTC / USD decreases. In order for altcoins to additionally gain value, it would be necessary to create a system to exchange them with FIAT. It is worth noting, that the largest global cryptocurrency exchanges are working on such a solution.

How to make money on Bitcoin Guide

Finally, if you read our article about technical analysis, its time to buy your first Bitcoin and also first altcoin – click button below and learn how to do it.

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