Bitcoin analysis on the long, medium and short term could indicate a moment of recovery in prices
As everyone knows, the Bitcoin in December 2017 reached its peak in price and then collapsed. However, if you calculate the price in the long run, the price is in an uptrend.
Let’s start from the price chart in the short period represented in image 1:
Image 1: tradingview – 4h timeframe – btc / usd
We can note that there were three phases alternating, one of rising prices, one of descent, until reaching phase three, the current one, which turns out to be rising again.
In image 2 we can see more closely the end of phase two, with the consequent beginning of phase 3:
Image 2: tradingview – 4h timeframe – btc / usd – end of phase two and start of phase 3
It can be seen that the beginning of phase 3 was announced by a Bullish divergence on the RSI, as we announced in a previous article on this blog.
As we can see in image 3 , the current price increase phase 3 supports the long-term trend (black line) but in turn a resistance around the 8000usd given by the upper part of the triangle in purple, which instead regulates the medium-term trend.
Image 3: tradingview – 1 day timeframe – btc / usd – long term trend
In general, the long-term trend seems to have invalidated, at least in the immediate term, the medium-term trend, thus suggesting that it will continue an upward trend.
A possible example of trading is therefore to stay in the market (or buy for those outside) by entering the appropriate stop loss.