2018-9-1 16:17 |
The price of Bitcoin is undergoing it’s third consecutive daily loss today. But after the price dropped below the $6850 point, price action managed to bounce back up. With the drops being on low volume and the $6850 support level holding, it looks likely that price could be returning to bullish movements.
There is still some reason to have a bearish outlook with both a head and shoulders pattern along with a descending triangle forming. These patterns would indicate price will return to the $6k mark below. However, with price and RSI pricing in higher highs and higher lows, the near-term outlook is bullish. We also have the MACD diverging to the upside from the centerline showing momentum is starting to shift to the buyers.
Bitcoin Daily ChartThe hourly chart provides a closer look at recent price action with price undergoing a small drop over the last hour. As long as price manages to maintain above $6850, price action will price in a higher low, and it will look likely to return to resistance at $7100.
The hourly MACD is looking set to cross its signal line to the downside, a bearish signal. But with the technical analysis on the daily timeframe looking bullish, this may have little impact. The outlook remains long-term bullish as long as the price can maintain above support at $6850. If price breaks significantly below this point, the outlook changes to neutral.
Bitcoin Hourly Chart Key Takeaways: Technicals on the daily timeframe look bullish with the RSI and price forming higher highs and higher lows. The MACD is also diverging to the upside indicative of increasing buying momentum. Technicals on the hourly look more bearish but may have little impact given the longer time frame looks bullish. Key level is whether price can maintain above $6850. If price breaks significantly below, the outlook changes to neutral. 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 Trades Above Support at $6850 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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