Bitcoin bounces and could go to 5,000 dollars

The bitcoin quote on the daily chart has an inverted shoulder-head-shoulder (H-C-H) formation, with bullish implications. The price has been rising in recent days on the 20-period moving average, with an upward trend since last December 15, when it quoted minimums of $ 3,242.

The uptrend is well defined by the MACD indicator, which exceeds $ 4,000 and the indicator indicates that it remains long in bitcoin.

The relative strength indicator RSI, has passed the index of 50% since the first days of January, supporting the price increase.

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Despite the favorable indicators, the recent price increase is not supported by the volume of operations, so it could be a rebound from the recent fall.

On the upside, short-term resistance stands at 4,338 dollars, in the medium term at 4,693 dollars and in the long term at 5,547 dollars. In the medium term, the market's position remains bearish and the long-term trend is the same, while in the short term the sentiment is bullish.

Prices are referenced with the WEX.nz platform

Date of the forecast: January 9, 2019