Analyze graphs: whether the rise of Bitcoin after the pump?
Source:Yesterday the price of Bitcoin to USDT soared upwards due to the depreciation of Tesera. After the pump has increased and the real value of crypto-currencies.
The Overall situation now looks like this:
the- after hitting the asset went to the upper line of the triangle, but was unable to punch it; the
- technical indicators do not give a clear picture of the situation.
Bitcoin has fallen to the lower boundary of the triangle on a 1 day chart, but the bulls managed to hold support; the
At the moment, Bitcoin is trading at 6650 dollars. For the past day the cryptocurrency was down 0.5 percent.
theTechnical analysis
Moving Average 100 SMA on the 1-day chart is still under 200 SMA, indicating a high probability of rolling back to support. While the bears have full control of the situation, however, the distance between the lines is shrinking with each passing day. It turns out that the pressure gradually falls.
The Technical indicator stochastic went into oversold territory, soon the bulls can return to the market. Now Bitcoin price «rested» in the upper line of the triangle and 50 SMA. At the moment, this moving average serves as a dynamic resistance level.
The RSI is also gradually opens up, however, talk about the full formation of the uptrend yet. For this Bitcoin, you first need to gain a foothold above the triangle and resistance in the area of 7400$.
image Source — NewsBTC
In the less optimistic scenario of development of events, the asset may still fall below the triangle. If it still happens, it is possible to open short positions and can short sell up to $ 4,500.
From the point of view of fundamental factors in Bitcoin is little positive news. The date of the issuance of the final verdict SEC about cryptocurrency ETF is still not clearly defined. It is encouraging the fact that now the stock market only Hodler.
The Analysis of graphs carried in . In other important news come in .
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