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#Bitcoin consolidating a very strong upward trend

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is extending its retracement, it has been retracing for 7 days already. The crypto community as a whole agrees on that, after the last bull run in which Bitcoin increased around 300%, the Bitcoin price needs to have a healthy correction to maintain an upward trend.

The strongest supports that can reverse the price direction to continue with the bull run are $11,000, $10,000 and $9,500. Quick and long increases are usually accompanied by heavy corrections.

As we can see in the chart, the indicator ATR (blue line), which measures the price volatility , is signalling volatility levels unseen since March 2018. Historically, once the ATR is trending up, it continues having high volatility levels until it reaches new historical maximums.

The other indicator is called the Cryptohopper OBV. It makes use of the On Balance Volume to create buy and sell points by adding its moving average. The OBV line (orange) has been above its moving average (blue) since mid February 2019 and hasn’t had any bearish crossover yet, which indicates that the market is not bearish .

The Bitcoin can be consolidating a very strong upwards trend.


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