A tradable uptrend in Bitcoin, is in the offing.
We begin the analysis with a 3-month chart of Bitcoin Reference Rate
The 3-month chart of the bitcoin reference rate shows a pennant. This pennant's previous move started on April 1 at 6505 and ended on May 5 at 9915 So we can estimate the next move up to climb 3410 from the breakout when the breakout occurs.
The pennant has tagged the lower Bollinger band at about 8000. The bands are diverging, and this also suggests that prices are likelier to rise rather than fall further.
We now see the Bitcoin futures chart.
The June 2018 Bitcoin future also shows that a high volume was absorbed on Friday without a large fall. The high volume may be the result of rolling over of May 2018 positions to June. Even so, there is no doubt that demand exists. This demand is likely to drive prices higher.
So, buying the Bitcoin June 2018 future is recommended at the current
We begin the analysis with a 3-month chart of Bitcoin Reference Rate
The 3-month chart of the bitcoin reference rate shows a pennant. This pennant's previous move started on April 1 at 6505 and ended on May 5 at 9915 So we can estimate the next move up to climb 3410 from the breakout when the breakout occurs.
The pennant has tagged the lower Bollinger band at about 8000. The bands are diverging, and this also suggests that prices are likelier to rise rather than fall further.
We now see the Bitcoin futures chart.
The June 2018 Bitcoin future also shows that a high volume was absorbed on Friday without a large fall. The high volume may be the result of rolling over of May 2018 positions to June. Even so, there is no doubt that demand exists. This demand is likely to drive prices higher.
So, buying the Bitcoin June 2018 future is recommended at the current
levels with stoploss at 8149
