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Bitcoin may be ready for a long-term climb because it forms an inverse head and shoulder model in its 4-hour time frame. The price has yet to test and overcome the resistance, but if it does, bitcoin could be in a climb that is the same height as the graph's formation.
The 100 SMA has completed a crossover over the 200 SMA to indicate that the path of least resistance is on the upside. In other words, the upward trend is more likely to get traction rather than reverse from here. In addition, moving averages are keeping dynamic support and could continue to do so.
The neckline is at the $ 4,400 level and a higher break could trigger an uptrend of at least $ 1,200. Stochastic is aiming for the top to show buyers have control, probably giving enough energy to support a climb. RSI is also growing, so bitcoins could follow the example while buyers have the upper hand. This oscillator could approach the overbought zone, though.
Bitcoin has some good things to look forward to this year, including the Fidelity platform that would serve institutional clients. Strong inflows from large institutions and funds could maintain volumes and activities sustained in the coming months, encouraging bulls to re-establish their long positions.
A number of analysts also point out that 2018 was only the year of a bitcoin correction and that there are a number of signals suggesting that the price is touching the bottom. Some positive development may be needed to support any event, as traders still show some hesitation in terms of maintaining long positions.
Beyond that, there are expectations that higher demand from China could once again raise bitcoins throughout the year. A survey conducted by block-block company PANews, published by the local crypto 8btc.com newsletter, indicated that 40% of 4,200 respondents said they would be willing to invest in bitcoins or cryptocurrencies in the future.
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