When Bitcoin will finally budge? Look at the graphics

Bitcoin is still trying to break out of the downtrend. In recent days the stock market is little changed, the main cryptocurrency isn’t moving from one point. This is due to the catastrophic fall in the volatility of the digital assets lost most of their capitalization and the market only the most desperate Hodler.

The General situation looks like this:

  • Bitcoin price is in a local downtrend on the 1 hour chart;
  • bulls trying to push the asset up, but so far without much success;
  • technical indicators are gradually beginning to play into the hands of buyers.

At the moment, Bitcoin is trading in the zone 6490 dollars. For the past day main cryptocurrency has not changed in value.

Technical analysis

Scale 1-hour chart moving average 100 SMA is still below the 200 SMA, so to open long positions while early. A good signal to long will become bullish crossover of moving averages.

The asset needs to break the coming resistance levels in order to continue growth. Even if he succeeds, the bulls may face irresistible pressure of bears in the area of 6700 dollars.

Image source — NewsBTC

Technical indicator stochastic gradually enters into a bullish zone. This means that active buyers will soon have to return to the market. RSI is also moving up, the trend has all the prospects to create a good upward movement in the medium term.

At the moment the main catalyst of growth is still pending the approval of the first cryptocurrency ETF with the SEC. Yesterday, in this case, new details emerged of the company VanEck said about the fulfillment of all requirements prescribed by the financial regulator. Also do not forget about the beginning of futures trading on Bitcoin. Marketplace Bakkt should open the bidding with 12 December.

Analysis of schedules prepared in the Platform.


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