2018-8-23 17:33 |
Yesterday’s bullish outlook came through for Bitcoin, with the candle closing as a bullish Marubozu candle which is a candle with little to no wicks, showing strong movement in one direction. We are seeing a follow-up today, seeing the price move all the way up to resistance at $6850 at one point.
A number of factors gave us out bullish outlook yesterday. Both the RSI and price hit a higher low showing that there was less selling pressure in the market. This was further supported by the MACD starting to converge, showing that the momentum was slowing down. The MACD also crossed it’s signal line to the upside which is a bullish signal.
It appears that the upward movement met double resistance with both the $6850 level being an important level to overcome, along with the 50EMA also trading around this point. Over the past 24 hours, we have also seen around a 6% increase in the number of longs on Bitfinex with a 10% drop in the number of shorts.
Bitcoin Daily ChartThe run-up yesterday occurred over the space of just over an hour where BTC increased from around $6450 to $6850. It has since retraced back down to around $6650 and has been trading in a tight range from here with low volume. We may see a further retracement in the near term but the overall outlook is still bullish. In terms of support the hourly 50, 100, and 200EMA would be likely to provide buying pressure. Currently, these EMA’s are all trading around the same point.
Bitcoin Hourly ChartKey Takeaways:
May experience further retracement in the near term but the overall outlook is bullish Hourly EMA’s likely to act as support Both daily RSI and price forming higher highs and higher lows Daily MACD converging showing that selling pressure is starting to drop Daily MACD crossed its signal line to the upside, a bullish 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.Bullish Outlook Materialises for Bitcoin [BTC] Price was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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