Third Consecutive Gain for Bitcoin [BTC] Price As Recovery Continues – Golden Cross Shortly?

2018-8-17 18:57

Bitcoin is recording a gain for the third consecutive day. Recently, Bitcoin has been exceeding altcoins in both gains and falls, but today, the altcoin market is outperforming Bitcoin, with many altcoins recording double-digit gains. It is difficult to point out a specific reason for the renewed optimism in the markets, but the recent technical analyses were painting a more bullish outlook.

With both price action and RSI forming a higher low, this represents more buying pressure in the market as of recently. The number of long positions on the major exchange Bitfinex has also increased by around 4% over the past 24 hours with the number of short positions decreasing about 6%.

Bitcoin Daily Chart

Price has been trading in a range recently on the hourly, but it is likely that we have a golden cross forming shortly with the 50EMA crossing the 200EMA to the upside. This is typically a bullish signal and could add more momentum to the recovery. Price is currently trading around $6500 and is likely to reach the $6650 highs of two days previous. Support is at $6240, and there may be resistance at $6650.

Bitcoin Hourly Chart

Key Takeaways:

Recovery continues for bitcoin price with golden cross likely to occur on the hourly Price action and RSI have been forming higher lows on the daily showing increased buying pressure in the market $6240 likely to act as support and $6650 likely to serve as the next resistance level. 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.

Third Consecutive Gain for Bitcoin [BTC] Price As Recovery Continues – Golden Cross Shortly? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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bitcoin consecutive third gain altcoins shortly gains

Источник: blokt.com

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