2018-8-7 16:18 |
Bitcoin is back trading above the $7000 mark today after a week of steep losses. $6850 has effectively acted as support, but with today’s rise being on low volume, the big question is whether this rise will be short-lived or whether it could be the start of the bull market for which traders and investors have been waiting.
If the rise continues over consecutive days, resistance will be expected by the 50EMA and 100EMA which are currently around $7250 and $7450 respectively. The MACD is also approaching a centreline crossover to the downside, a bearish signal making it more likely that more downside movement is to come. This rise could provide a good opportunity for short sellers to enter or add to their positions. Some could be waiting for a further rise to enter at a more attractive position.
Bitcoin Daily ChartOn the hourly, we can see the bearish price action which has been occurring over the past few days. For much of the time, price action was trading in a range near the $6850 level but mostly around $6900. The longer price action stays at a level such as this, the weaker the level becomes with fewer buyers to hold the price each time. The rise has been on low volume but appears to be slowing down as the price approaches the hourly 100EMA and the RSI approaches overbought territory. A move up to the 200EMA would be significant and would probably attract a lot of buyers but may be a bull trap if it occurs.
Bitcoin Hourly ChartKey takeaways:
Rise today after recent bloodbath Many bearish signs with MACD approaching centreline crossover to the downside Rise on low volume and slowing down as price approaches the hourly 100EMA and the hourly RSI approaches overbought territory A rise up to the hourly 200EMA would be significant but may represent a bull trap 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] Price Records Gains After Last Week’s Bloodbath- Bull Trap? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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