2018-8-16 16:34 |
The Bitcoin price rose all the way up to trade above $6600 briefly. We noted in yesterdays technical analysis article that a lot of signs were pointing towards the bullish movement. Yesterday’s candle had a long upper wick showing that it wasn’t yet prepared to trade at the higher prices, but we see a small follow up today with a gain in price. Today’s rise is on low volume and has not moved significantly, so it could be short-lived. One bullish point is that both price and RSI are forming higher lows showing that the selling pressure is coming out of the market.
Bitcoin Daily ChartThe movements can be seen more clearly on the hourly chart with price action currently trading at the 50 and 100EMA. Price made the rise up to $6600 yesterday which was followed by some steep drops back down to support at $6240. A climb up to around $6450 occurred from there, but over the last hour, we have experienced a drop in significant volume which is currently being held up by the moving averages. If price action drops below the moving averages, it is likely that $6240 will hold as support. The MACD is crossing its signal line to the downside on the hourly, a typical bearish signal.
Bitcoin Hourly ChartKey Takeaways:
Bullish movements for Bitcoin but suffering steep retracements Price action and RSI forming higher lows on the daily $6240 likely to act as support if the price drops much further Hourly MACD crossing its signal line to the downside, a bearish signal 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] Recovery Continues As Price Briefly Touches $6600 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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