2018-7-19 17:04 |
Bitcoin is on its sixth consecutive green day and is currently trading around the 100EMA. Yesterday, it managed to briefly trade above the 100EMA all the way up to the $7600 mark at one point but failed to close above. A close above the 100EMA would be a strong signal that there is more to this upward move we are seeing. However, today’s upward move is on low volume, and it seems unlikely that we will see a close above the 100EMA mark today.
A more likely scenario would seem to be a mean reversion towards the hourly 50EMA giving buyers a chance to enter at a more attractive price. Just a few days ago, the price was trading at $6350, and constant euphoric surges are unsustainable as we’ve seen very clearly around last November. The daily 200EMA is trading around the $7850 point, and this is expected to be an area where a lot of trading activity occurs with this point being a former lower high.
Bitcoin Daily ChartThe highs of yesterday can be more clearly seen on the 4hr chart. Trading got very close to the $7600 mark, but all the candles had long wicks showing there wasn’t enough buying pressure to keep price comfortably above $7500. We could be currently forming lower highs in price & RSI setting up for a move downwards. The MACD is currently crossing it’s signal line to the downside, a bearish signal which further supports this point of view.
Bitcoin 4hr ChartTrading is relatively flat with low volume on the shorter time frames as the market sets up for its next big move. The 50EMA is currently trading near $7250 on the hourly which could act as the next support level.
Bitcoin Hourly ChartKey Takeaways:
A close above the 100EMA would be a bullish sign. $7850 is a level where a lot of trading activity is to be expected. Could be forming lower highs in price and RSI on the 4hr chart. MACD also crossing it’s signal line to the downside here. The hourly 50EMA could act as the next support level. 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.Sixth Consecutive Green Day for Bitcoin – Will the Bulls or Bears to Take Over From Here? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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