Bitcoin Update: 7th May 2018

Bitcoin has risen by 50% since the bulls came in. The uptrend is weighty but a resistant ranging from 9160 to 9700 seems to be a stronghold. The bitcoin price has consistently grown and we hope for more growth this week.

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Bitcoin price chart shows RSI line at 55, a bitcoin price at 9300, and MACD in the buy zone. This indicates a steady bullish trend.

 

Forcast

MACD: The signal line is above the MACD line and the histogram is in the buy zone.

RSI: RSI line is pointing downwards at the 55 level.

EMA: The 10 EMA is above the 20 EMA and 50EMA as the 20 EMA is also above the 50EMA.

We hope that after a flag is created to the 9122 bitcoin price level a continuous bullish trend should play out to an 11000 bitcoin price. Nevertheless, a divergence appears on the MACD indicator which may strengthen the flag and delay the next upward movement.

Disclaimer: This article is in no way a financial advisor for your trading. Any action taken in this regard is done at your own risk. Nigerian Bitcoin Community is not liable for any loss or gain as a result of the application of this content. We advise you do your own research.

 

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