Bullish Start to the Week for Bitcoin [BTC] Price

2018-8-13 16:50

A bounce is currently taking place for the price of Bitcoin. $6100 acted as an effective support level and, so far today, is recording the third consecutive daily gain. However, after two weeks of steep losses across the cryptocurrency market, investors and traders should be wary of taking long positions. The volume has also been progressively dropping off on each consecutive rise meaning the gain could be short-lived.

Bitcoin Daily Chart

The hourly 50EMA has long acted as a dynamic resistance level but with price breaking to the upside and closing above, it may be a case of resistance turned support. The $6240 level has acted as a support level during recent declines, with the lower level of $6100 being another of great importance. The 200EMA is currently trading at $6600 so in the case of a rise, this will most likely act as resistance. Outlook is short-term bullish but more bearish in the longer term.

Bitcoin Hourly Chart

Key Takeaways:

Bullish start to the week with the third consecutive gain being priced in today With volume progressively dropping off on each day, these rises could be short-lived RSI prices in higher low showing selling pressure could be dropping 100EMA may have turned from resistance to support $6240 and $6100 important support levels 200EMA trading near $6600 may act as resistance in the case of a rise 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.

Bullish Start to the Week for Bitcoin [BTC] Price was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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bitcoin price taking start week btc bullish

Источник: blokt.com

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