2018-8-29 17:18 |
The Bitcoin price has continued to move up and is currently trading above $7100. The most significant gains, however, have been in the altcoin market, with many recording double-digit gains. On the daily chart, price and RSI continue to form higher highs and higher lows. The MACD is also developing a centerline crossover to the upside, a bullish signal that shows momentum is shifting more towards the buyers. We also still have the head and shoulders pattern along with the descending triangle pattern for daily BTC, both which could indicate bearish movement ahead. These are longer-term patterns, and it is critical that Bitcoin remains above the $6k mark to lessen the chances of them playing out.
Bitcoin Daily ChartHowever, on the hourly chart, some signs show that we may shortly have a pullback in price. Although price continues to form higher highs and higher lows, a bearish divergence is occurring between price and RSI showing that there is some extra selling pressure in the market. This typically indicates that a reversal is in store. A movement to the downside would likely meet support by both the major moving averages and the $6850 price point. The 100EMA is currently trading around the $6850 level providing further significance to this level. The MACD is also starting to converge on the hourly chart showing that buying pressure is dropping off. The longer-term outlook remains bullish, but in the short-term, a pullback could take place.
Bitcoin Hourly ChartKey Takeaways:
The bullish outlook remains, but some signs indicate a potential pullback in the near term In the event of a move to the downside, support will likely come in to play at $6850 A bearish divergence is taking place between price and RSI on the hourly chart MACD is converging on the hourly showing buying pressure is falling off 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.Outlook Remains Bullish for Bitcoin [BTC] but Is Retracement in Store? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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