2018-8-30 17:30 |
As anticipated in yesterdays post, Bitcoin’s price has experienced a retracement. Many signs were pointing to this occurring. We saw a bearish divergence in the hourly RSI and price. We were also seeing the hourly MACD starting to converge showing that buying momentum was falling off. Bitcoin is now trading at an important level at around $6850. It is currently holding as support. With both price and RSI on the daily still forming higher highs and higher lows, the longer term outlook remains bullish, but we may see a break below $6850 in the near term. The drop is also on lower volume than recent gains showing that there may be little strength behind the sellers in this sell-off.
Bitcoin Daily ChartIn the event of a further drop below $6850, we could see some support from the 200EMA and the $6750 price level. Hourly price and RSI are forming lower lows and lower highs with the MACD further diverging away from the centerline. These indicators show that the near-term momentum is with the bears but whether it is sufficient enough for a significant drop below $6750 is questionable. Outlook is longer-term bullish and bearish in the near-term.
Bitcoin Hourly ChartKey Takeaways:
Price and RSI continue to form higher highs and higher lows on the daily chart supporting a longer-term bullish outlook. Volume on the price drop is lower than the recent gains we have been seeing. The retracement we are currently seeing was anticipated in yesterdays post and had many signs point towards it happening. $6850 level is currently acting as support. We may see some bearish movement in the near term, but hourly 200EMA and $6750 are likely to act as support. 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.Breaking – Bitcoin [BTC] Price Trading at Key Level was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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