2018-12-18 17:54 |
Bitcoin Weekly Chart – Source: TradingView.com
Bitcoin underwent its pre-Santy surge yesterday as it increased from below $3200 to an intraday high $3600, erasing the prior week of losses which brought the price down from near $3600 to below $3200.
Price has retraced from its intraday high and currently trades around $3520.
Top Ten Cryptocurrencies by Market CapThis surge has resulted in significantly more bullish conditions across the cryptocurrency market.
Many altcoins are recording increases in the double-digit figures, and the vast majority are appreciating over the past 24 hours.
Bitcoin Daily Chart – Source: TradingView.comYesterday’s surge shows that traders are currently unwilling to accept valuations close to $3000.
The low for 2018 is around $3120 and was formed during last weeks bearish conditions.
The real test for price action is if it can maintain above this point on its next drop and form a higher low.
This would form a far more bullish pattern for price action.
The daily and MACD and RSI have also been increasing showing that momentum has been shifting to the buyers.
Buyers are likely building confidence around $3000 as a support level after price traded close to this point for a number of days but failed to test the level.
Key Takeaways: The surge which took place yesterday erased all of last weeks losses in Bitcoin. Bullish movements are being seen across the cryptocurrency market with many appreciating in the double-digits and the majority appreciating. The 2018 low is around $3120, and if the price can maintain above this point during the next drop, it will form a more bullish chart pattern as the price would record a higher low. Buyer momentum has been increasing with both the daily RSI andMACD 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.
Significant Surge for Bitcoin [BTC] Erases a Week of Losses was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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