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BTC/USD crypto signal - Bullish momentum is rising - 12 Mar 2018

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Price of Bitcoin was seen drifting lower over the past week but price action in the past few days suggests a short term strength to the upside being built up. The slight increase in the bullish momentum could potentially set the stage for another rally in Bitcoin prices.

Bitcoin prices were seen falling to the familiar support level of 8925 over the past week. Price action was seen posting a bullish divergence as seen on the Stochastics oscillator. This comes amid Bitcoin prices making a lower low at 8428 level.

The short term resistance level is seen at 9500 – 9363 level which is where Bitcoin prices are currently trading. A successful breakout from this resistance level could potentially open the way for a rally towards 10527 with further gains likely to push Bitcoin prices towards the major resistance level of 11084.

At the moment, there are no fundamentals in play as far as Crypto currencies are concerned. The broader themes about regulating the cryptocurrencies, the questions of the Bitcoin exchanges remain the larger themes. However, this shouldn’t be surprising for the markets.

Based on the above, today’s cryptocurrency signal is Bitcoin. With price currently near the resistance level, we believe taking long positions at 9506 and targeting 10527 is the ideal play. The upside momentum is also based on the bullish divergence signal from the technical chart.

In the event that Bitcoin prices slip below 9506, we expect price action to consolidate at this level but the bias remains to the upside in the near term.

crypto signal btcusd 12 mar 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.