As the last of the plums prices affect Bitcoin? Analyze graphs
Source:Recently, market players are a bit more active, Bitcoin has made a little noticeable price movement. Unfortunately, the bears still managed to push the price of the cryptocurrency down. Whether bullrun in the near future? Chances are, because the asset is still within the boundaries of the rising channel on 4-hour chart.
The Overall situation looks like this:
the-
the
- Bitcoin fell slightly below its consolidation in the short term. An asset is testing the support level of the channel; the
- good rebound in this place will allow the local to continue the uptrend and will push bitcoin up to $ 7,000; the
- drop even lower will increase the selling pressure and a new drain.
At the moment, Bitcoin is trading around $ 6350. For the past day, the cryptocurrency has lost almost 2 percent of its value.
theTechnical analysis
Moving Averages lines do not give a clear idea about the current price trend. However, the 100 SMA is now above the 200 SMA, so the path of least resistance is up. In other words, the bears are unlikely to penetrate the next level of support.
In this case, the asset should be heading to test the upper border of the channel, which is now in the area of $ 7,000. If there is a rebound, Bitcoin will grow at least to 6600 dollars at this level are now moving averages lines.
image Source — NewsBTC
Technical indicators still indicate the presence of bears in the market. Stochastic is heading down but will soon enter the oversold zone. The indicator eliminates the effort of sellers, and cryptocurrency again crawl up. RSI is already near the oversold zone and begins to change its direction.
At the moment we recommend to refrain from opening positions on Bitcoin. A good sign for long will be the rebound of the asset from the lower border of the channel at the scale 4-hour chart.
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