2018-8-1 16:11 |
Bitcoin broke below its key support at $7850 yesterday and experienced an even further drop. Price action is currently trading around the $7550 mark with the 100EMA acting as some support. Volume has been dropping off which shows the market could be taking this price point seriously.
This was also the point where about 1 week ago price started trading in a range before executing a bull flag pattern. This area should act as a strong support level, but if price manages to break below this, it could signal the start of a new downtrend of lower lows and lower highs. The MACD is currently crossing over its signal line to the downside, a bearish signal.
Bitcoin Daily ChartOn the 4hr, we can see the price has moved back into a range while the buyers and sellers position for the next big moves. It is typical for price action to enter these trading ranges after big directional moves as can be seen clearly here on the 4hr. The RSI is trading in oversold territory on the 4hr, but with the daily RSI not even close to oversold, this should not have much impact.
Bitcoin 4hr ChartBullish Case:
100EMA is acting as support. Volume lower on the daily candle. 4hr RSI in oversold territory but not expected to have much impact with the daily trading far from the oversold territory.Bearish Case:
MACD crosses the signal line to the downside on the daily candle. Could be renewed downtrend if the price drops much further. Momentum is currently to the downside. 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.Bears Return to Bitcoin With Strength – New Price Downtrend? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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