BTC Price Prediction: $5,500 Resistance – The New Challenge for Bulls on Crouched Start


BTC Price Prediction: $5,500 Resistance – The New Challenge for Bulls on Crouched Start

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Seems like BTC is about to start a new wave of growth! It has successfully overcome $5,300 resistance and is moving further. Won’t it stumble on the way to the top? Find out how the crypto market will develop in the nearest time, and read Bitcoin price predictions from tradingview.

BTC bulls break high of bounce

A higher low should form to support BTC

The BTC price charts are showing that bulls have digested the Bitfinex move, we have broken the $5,295 top of the bounce which was a key level proving BTC is moving up. However, things can still appear to be negative in this story, but for now, the bulls are back to having their sights on recent highs.

We just saw a 4 hour inside bar break bearish, meaning a higher low has to form, ideally holding back the test of EMA support.

While BTC is crawling up, ETH and LTC continue to show more extreme moves, harder dump on the news and stronger bounce on the recovery. LTC has been a bit of a leader on moves that can give clues to other names as to what to expect short term. The user doesn’t expect bearish action as long as there is a 4-hour uptrend.

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BTC is setting up for head & shoulders!

Head and shoulders pattern on BTC price chart

Bitcoin could catch a little more upside before rolling over to finally complete the right shoulder of the head and shoulders pattern. According to MagicPoopCannon, there is still a lot of downsides to being seen, with a limited amount of upside. There is still a very small chance that this could end up failing as a head and shoulders pattern. However, the odds of this completing a head and shoulders, given the increasing amount of bearish indicators, is very high. Hopefully, we will get a nice breakdown on the back side of it. That would be great.

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Other important bullish indicators

Watch the combinations

Due to the price difference on exchanges, a lot of the attention is being drawn away from what really matters lately. So, has the new bull cycle started? TradingShot has decided to show the strongest long-term bullish indicators on Bitcoin. Look for the combination that has never failed on its historic price action.

Here are the technicals:

  1. The Blue Price Line is the Stock-to-Flow indicator that represents Bitcoin's Fair Value. Before each halving, this touches the actual candle sequence and then aggressively gaps upwards just a few weeks before the halvings. What follows is (essentially the start of the new bull market) a logarithmic rise on the actual value which at some point breaks the fair value and becomes overbought towards the bull cycle's peak (and new ATH).

  2. When the price breaks inside the Ichimoku Cloud, it never looks back and each Low is higher. In the previous 2 bull cycles, every time the price broke inside the Ichimoku Cloud, it touched the Stock-to-flow priceline. After that test, the price managed to break above the Ichimoku Cloud, but the Stock-to-flow priceline worked as a Resistance (until roughly a couple of months before the peak).

  3. Every time the price is doubled from the Bottom it makes on the parabolic curve (Bottom X 2), it never makes a new low. This is perhaps the strongest bullish indicator on Bitcoin's historical volatility.

The combination of the above criteria is projected to take place within July - October 2019. Until then it is best to keep accumulating.

Bottom line

As we see, Bitcoin doesn’t hurry to retrace – it is expected to grow further. Right now, it’s better to accumulate or enter the market if you think you can afford it.

Price charts are taken from TradingView

Cover image via www.123rf.com
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