Bitcoin Price Analysis: We Must Have Patience
Last week marked by a moderate recovery in the price of the first cryptocurrency and the market in general.
The weekly candle completed with a bull body - this is a good sign, for the last three weeks the candles were bearish. If you pay attention to the price dynamics of this year, then it is possible to notice that after such reversal candles growth continued 2-4 weeks.
The reversal has occurred just within a flat triangle about which told in the previous analisys. It was correctly determined the reversal point around $ 6800-7000, where the price went up.
Lets look at this triangle closer and note the important levels on the way to the upper border of the figure. Undoubtedly, the significant level is $ 8000 - this is a psychological figure, besides, local resistance is taking place there. Probably, bears will use it for sales.
Then the level of $ 8500-9000 is viewed. It's a bit blurry, because we do not know how long it will take the trip to the top of the triangle, and whether it's a pulsed movement or a flat.
Ideally, when approaching the upper boundary of the triangle, we would like to see the momentum by analogy with April 12, then there will be a chance to break it and went up. While it is necessary to be reserved by patience, exhausting flat continues.