Recovery Slows for Bitcoin [BTC] Amid Market Uncertainty

2018-11-29 17:09

Bitcoin is back trading above $4000 after an extremely bearish weekend which saw 2018 lows reached around $3500. Bitcoin is now recording its third consecutive daily increase, but the rise is noticeably slowing as traders are unsure of whether the appreciation can sustain.

Today’s daily candle has been forming a Doji. A Doji is a candle where the open is around the same point as the close. A Doji is typically formed when there is uncertainty from traders regarding price action. While recent price action has been bullish, traders are likely highly cautious of a return to bearish market conditions.

A bullish divergence between the price and daily RSI preceded the increase we seen over the past few days. Both the MACD and RSI have been rising since the price rise started. The MACD looks set to cross its signal line to the upside, a bullish signal.

Bitcoin Daily Chart – Source: Tradingview.com

The hourly chart provides a closer look at the recent price action. Price has managed to rise above the hourly 200 EMA which is likely to provide some support with price action currently trading around this point. Price currently trades around $4270. In the event of a significant drop, support will be expected at $4000. If price continues to rise from here, the next significant resistance level expected is $4600.

The recovery has significantly increased the cryptocurrency market cap. The market cap is currently around $137 Billion after trading around $120 Billion on the 27th November. Bitcoin represents about 54% of the current market cap.

Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Bitcoin recovers back above $4000 after appreciating for the past three days. The price increase was preceded by a bullish divergence between price and RSI. Today’s candle is currently forming a Doji which reflects uncertainty from traders. Recent price action has been bullish, but traders are likely extremely cautious of a return to bearish market conditions. Next significant resistance point is $4600. Next significant support point is $4000. 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.

Recovery Slows for Bitcoin [BTC] Amid Market Uncertainty was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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bitcoin daily recovery doji uncertainty slows btc

Источник: blokt.com

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