2018-8-13 10:30 |
On Saturday, the price of Bitcoin spiked to nearly $6500 but it has since dropped back to support around $6240. Whether price has bottomed out for Bitcoin is a big question on many traders minds as they take their next positions.
The rise was retraced quickly which shows that price is not yet ready to maintain these higher levels. With RSI trading near oversold territory and price nearing all-time lows of 2018, some signs indicate that the price of Bitcoin may be bottoming out.
Bitcoin Daily ChartThe spike occurred in the space of just one hour. The move up was met by stiff resistance at the hourly 100EMA which it failed to close above. The move was preceded by a drop back down to support around $6240. After multiple tests near this support level, the price could be set to break below. Each test makes this level weaker with progressively fewer buyers each time to hold the level. $6100 will be the next important support level if a break to the downside occurs. The MACD has just crossed it’s signal line to the downside on the hourly, a bearish signal.
Bitcoin Hourly ChartKey Takeaways
Price made a huge rise over the space of an hour on Saturday to trade near $6500. Price quickly retraced showing it’s not yet ready to trade at these levels. RSI is trading near oversold territory and price is trading near 2018 all-time lows indicating price could be bottoming out $6100 will be the next important support level in the event of a break to the downside 100EMA acting as stiff resistance on the hourly MACD crossed it’s signal line to the downside on the hourly, 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.Brief Rise for Bitcoin [BTC] Price Yesterday was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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