2018-7-15 17:24 |
We see a follow up of yesterday’s green candle with ~2% gains today in the price of Bitcoin. The gains are still on low volume so let’s see if the rise can sustain over the next 24 hours, as Monday has proven to be a tough day for the crypto markets during 2018. Key levels to watch for are currently $6850, which should be a strong resistance level as this is also around the point where the 50EMA is trading. Also, on the downside, we have $6000 as a key psychological support level.
On the daily, we also have a bearish crossover occurring on the MACD which is indicative of future downward movements. This occurs when the MACD crosses over its signal line to the downside. However, because both price action & RSI are forming higher lows, this bearish crossover on the MACD does not carry the same weight as the higher lows would indicate the price is more likely to go up.
Bitcoin Daily Chart
On the hourly chart for Bitcoin, price action is currently trading above both the 50EMA & the 100 EMA, but the 200EMA seems to be acting as resistance. Price action briefly traded above the 200EMA near the $6400 mark but failed to close above it.
Bitcoin Hourly Chart Bullish Scenario: Second consecutive green day Price action & RSI both forming higher lows Futures trading at a discount to spot price which leaves reason to believe a lot of selling pressure has come out of the market as noted in yesterday’s article here. Bearish Scenario: Bitcoin gains are on very small volume Bearish crossover occurring in the MACD Resistance at $6400 & 200EMA on the hourly chart Heavy resistance around the $6850 mark on the daily Monday has been a tough day for markets during 2018, so these gains we are seeing could be eradicated over the next 24 hours. 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 Gains This Weekend – But For How Long? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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