2018-9-8 16:03 |
We are on the third consecutive day of losses for Bitcoin price. Last weeks bullish movements have been mostly retraced in the space of just two days with sharp declines. Today’s drop has been on low volume with some upward movements showing price may be due to a turnaround. The lows of today and yesterday are just above $6300 and price is currently trading near to $6450. However, any turnaround is likely to be short-lived with significant resistance to be expected around $6750 to $6850.
The descending triangle pattern which has been forming since January would indicate price is headed towards a return to sub-$6k levels. Another return below $6k and to the yearly lows of around $5800 might lead to a sharper decline below the yearly lows, and $6k might turn from important support to resistance. MACD is approaching a centerline crossover to the downside, a bearish signal.
Bitcoin Daily Chart – Source: Tradingview.comThe hourly chart shows the price decline is slowing and we see some attempts from price action to make a move back up. RSI is forming higher highs and higher lows showing that the selling pressure is falling off. MACD is crossing its signal line to the downside, a bearish signal.
Overall, the outlook remains bearish, but we may see a slight turnaround occur. Turnaround is likely to be short with strong resistance expected at $6750 to $6850. The 50EMA may also act as resistance.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Bitcoin price retraces almost a full bullish week in the space of just two days. Outlook is overall bearish. Daily MACD is crossing its signal line to the downside on the hourly and the centerline to the downside on the daily, both bearish signals. RSI is forming higher highs and higher lows on the hourly and there have been some attempts at price moving back up which means we might see a small increase in the near-term. 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] Price Due a Turnaround After Bearish Movements? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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