Bitcoin is slowly approaching the level of $ 7,000. Can you talk about the end of the bearish trend, or is it just a lull before a new fall? Situation analysis on the charts of crypto currencies held in Bitcoinist.
The 4-hour chart
Now, the main resistance on 4-hour chart is the 200 MA (moving average line). Price has repeatedly bounced from 6530 $ due to lack of buyers. The big players do not hurry to open large long positions and wait.
To break up, Bitcoin needs to overcome the 200 MA one sharp movement with good trading volumes. In this case, the asset may grow to 7400 dollars.
At this point in time Bitcoin bounces off the resistance to dynamic levels of support. Now their role is carried out 20 and 50 MA.
Breaking these lines will be a signal for bears. Then in the short term the coin may drop to $ 6,000.
Here, the asset was able to break above 10 MA, the technical indicators pointing to a steady rise. Yesterday’s doji candle shows a moment of indecision of bulls and bears. Hopefully, Bitcoin will soon be able to draw one long and green candle.
In the short term remains the likelihood of getting profits from long positions. To start a new global rally the market is still not enough “fuel”.
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