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Altcoin Analysis: Bitcoin Approaches $12,000 Amid a 28-Month High in Dominance

August 5, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Bitcoin aimed at key resistance of $12,000, after it emerged from the bearish trend during active trading in Asia today, said CoinDesk’s analyst Omkar Godbole.

The leading cryptocurrency rose above $11,120 in the morning, thus breaking the bearish pattern with a lower maximum, formed on July 20, and reached a peak at $11,868 later today. This is the highest level for Bitcoin since July 12th.

Along with the price, the domination index is also growing — today it has reached the value of 67.9%, which is equivalent to the levels of mid-April 2017. A number of analysts expect to see continued growth due to this factor. Thus, Winnie Lingham, the co-founder of the Civic crypto-project, noted on April 10 that the deviation of the Bitcoin rate from the rest of the market is a bullish signal.

Based on these observations, CoinDesk’s analyst concludes that continued growth to resistance at $12,030 looks like a viable scenario.

Daily and hourly charts The — Image credit: CoinDesk

Rise of Bitcoin above the bearish high at $11,120 is supported by an increase in the relative strength index (RSI) above 50. In addition, the moving average convergence/divergence (MACD) continues to rise, which is another bullish signal.

The course was taken above the 50-day moving average. 5- and 10-day values ​​are also directed upwards. The bullish scenario is supported by increased trading volumes.

Closing the daily candle above $12,030 on substantial volumes will confirm the exit from the channel and open up the opportunity to rise to a maximum on July 26, $13,880.

The bullish pattern will be weakened if today’s candle closes below $11,120 with a long wick at the top — a sign of customer exhaustion.

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Interestingly, and as a way to take the stress of trading off you, you will be able to get live feeds about your portfolio, as well as its performance, and thus it gives you an idea about the trades and the attitude of the portfolio at the time. This feature is made available on your desktop, or betterstill, users can utilize the ICONOMI mobile app to check.

Altcoin Magazine has succeeded in making crypto investment easier for anyone, hence, this is the time to get involved with the Altcoin Magazine Index Funds, and begin to enjoy the profitability that comes with crypto investments. Do not miss this opportunity to have investments in the Altcoin Magazine Index Fund, because there are only 84/100 slots available. Have you kept thinking about how to join the crypto community as a crypto investor, then this is for you, because there are several benefits attached.

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Author: Marko Vidrih

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Marko Vidrih

Marko Vidrih

Most writers waste tremendous words to say nothing. I’m not one of them.

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