2018-12-3 17:14 |
Bitcoin showed some bullish movements over the weekend where it increased from below $4000 to around $4260. It has since retraced back to around $4000 which is becoming a point of important trading activity.
Price action has been performing more strongly for Bitcoin after two bearish weeks which saw price move from $6400 to a low below $3500. The candle for last week formed a Doji. A Doji is a candle where the open is around the same point as the close and shows some uncertainty from traders in the market. Traders are likely to be cautious of more sharp drops in the market but may also be considering the current price for Bitcoin attractive and close to a bottom.
Bitcoin Weekly Chart – Source: Tradingview.comThe daily chart shows momentum shifting more to the buyers over the past week. The MACD and RSI have been increasing, and price managed to rise from around $3600 to $4400 over the space of a few days last week.
The increase last week was preceded by a bullish divergence taking place between price and RSI. Price went on to form lower lows despite the RSI forming a higher low which represents less selling pressures. Traders who identified this pattern and took long positions would have managed to capitalize on last weeks price increase.
At the moment, $4000 is the key level to monitor as this is where the majority of price action trading has been taking place. In the event of a large increase, $4600 is expected to act as significant resistance. In the event of a drop, $3500 and $3000 are the key support levels to monitor.
Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Bitcoin recorded some bullish movements over the weekend increasing to $4260 and retracing to around $4000 today. $4000 has been an area of significant trading activity recently. Price has been recording more bullish movements over the past week with the price increasing from around $3600 to $4400 over the space of a few days. Key levels to monitor are $4600 as resistance and $3500 and $3000 as support levels. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin [BTC] Performing More Bullish Recently and Trades at Key Level was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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