2018-12-17 17:19 |
Bitcoin Daily Chart – Source: Tradingview.com
Whether Bitcoin has reached a bottom is highly debatable, but it is starting to show more bullish movements recently.
After forming a 2018 low around $3100 on Saturday, the price has since recovered and trades currently around $3375.
$3300 acted as a point of resistance during the decline, but price broke blow amid bearish conditions last Thursday.
Price began bullish movements today after forming two consecutive Doji candles on the daily chart over the weekend.
A Doji candle is a candle where the open and the close are around the same point and reflects uncertainty from the side of traders.
Traders were likely cautious to drive the price up given the bearish market conditions but also aware that significant support is likely to come into play at the $3000 level.
Little resistance came into play as price surged above the $3300 point but whether it can maintain a price above this level remains to be seen.
Momentum has also been gradually shifting towards the buyers as the daily RSI continues to increase.
Bitcoin Hourly Chart – Source: Tradingview.comThe hourly shows the price gradually increasing before surging above the $3300 level over the space of an hour.
A significant surge in price brought price from $3240 to $3380.
Short-term momentum is strong on the side of buyers with both the MACD and RSI increasing.
Key Takeaways: Bitcoin begins the week on a bullish note as it rises above resistance at $3300. Two Doji candles formed over the weekend showing uncertainty from traders. Bitcoin surged from $3240 to $3380 over the space of one hour as momentum shifts to the side of buyers with both the MACD and RSI increasing. 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 [BTC] Begins a Recovery and Overcomes Resistance was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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