BTCUSD Analysis: Bullish Harami Pattern Above $26,394
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Bitcoin’s price continues its bullish momentum from last week, and after touching a low of USD 26,394 on May 18, we can see a move towards a consolidation phase, after which we are expecting upsides in the range of USD 28500 and USD 29000.
On the hourly chart:
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Bitcoin’s price continues its bullish momentum from last week, and after touching a low of USD 26,394 on May 18, we can see a move towards a consolidation phase, after which we are expecting upsides in the range of USD 28500 and USD 29000.
On the hourly chart:
- We can clearly see a bullish Harami pattern above the USD 26,394 handle.
- Both the STOCH and Williams’s percent range indicate overbought levels, which means that in the immediate short term, a decline in the price is expected.
- The resistance of the channel is broken.
- The relative strength index is at 63.84, indicating a strong demand for Bitcoin and the continuation of the buying phase in the markets.
- Most of the major technical indicators are giving a bullish signal, which means that in the immediate short term, we are expecting targets of USD 28,000 and USD 28,500.
- Bitcoin’s price is now moving above its 100-hour simple moving average and its 100-hour exponential moving average.
- The average true range indicates low market volatility with mild bullish momentum.
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VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.