2018-9-28 17:41 |
Bitcoin is closing off a bullish week. The market capitalization of cryptocurrencies is back above $220 Billion at the time of writing, and many altcoins have also recorded a bullish week so far.
Yesterday, Bitcoin tested resistance at $6850 for the second time this week. It has since retraced on considerable volume and is currently trading around $6650. Price and RSI have formed consecutive higher lows, but the most recent movements appear to have priced in a lower high. After the recent bullish movements, the MACD is approaching a centerline crossover to the upside indicative of increasing buyer momentum.
The key pattern to monitor is the descending triangle pattern which has been forming since January. The downward trendline of the descending triangle pattern is also around the point where the $6850 resistance is which could make it even more difficult for the price to overcome.
Bitcoin Daily Chart – Source: Tradingview.comThe price action on the shorter timeframe is more bearish. After moving into the $6750 to $6850 area, the MACD started to converge towards the centerline correspondent with falling buyer momentum. The MACD crossed it’s signal line to the downside, a bearish signal and price continued to fall.
The price fell to the 50EMA where it met some support. With the follow-up rise being on low volume, we may see a further drop, but the outlook is currently neutral. The descending triangle remains the key pattern to monitor.
Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Bullish week for Bitcoin with price testing resistance twice at $6850. Bitcoin has since dropped with the hourly MACD showing increasing seller momentum. Descending triangle remains the key pattern for traders and investors to monitor. 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 Bullish or Bearish as Weekend Approaches? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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