BTC Consolidation Around $11,000, Weekend Breakout Forward?


After testing $12,000 three days in the past, Bitcoin’s Four-hour chart now shows a double backside at $10,800.

Is the formation nonetheless bullish? Time will inform. On the one hand, Bitcoin created a better low of $10,800 on the Four-hour timeframe. If that assist doesn’t break down, we’ll nonetheless be within the inexperienced within the quick time period.

Apart from, by trying on the every day chart, we are able to see that the mid-term ascending development line is standing nonetheless. So long as it maintains, the bulls can smile.

Including to the above, Bitcoin is seeing lowering quantity in addition to lowering worth motion, which is prone to finish quickly with a worth transfer.  Furthermore, it’s now the weekend. Bitcoin likes to show its volatility throughout weekends.

Whole Market Cap: $322 billion

Bitcoin Market Cap: $202 billion

BTC Dominance Index: 62.6%

*Information by CoinGecko

Now What?

Assist/Resistance: From the bullish aspect, Bitcoin is going through the vital $11,500 – $11,600 resistance degree. The subsequent goal lies at $11,800 (descending development line, Four-hour chart), earlier than once more reaching the $12,000 degree (which is the excessive from two days in the past). Additional above lies $12,500 earlier than the 2019 excessive of $13,500 – $13,880.

From the bearish aspect, the closest assist lies at $11,200. $11Okay and $10,800 (the low from yesterday) comply with. If these ranges, together with the ascending mid-term development line on the every day chart, have been damaged, the short-term development would flip bearish. Additional beneath lies $10,600, $10,300 and $9,800. There’s additionally the $9,400 prior excessive from June, together with the every day chart’s 50-day shifting common line.

Day by day chart’s RSI: The RSI has remained within the bullish space above 50. Nonetheless, if Bitcoin overcomes $12,000, we should pay attention to detrimental divergence and, therefore, an RSI of above 62-63. The Stochastic RSI oscillator remains to be awaiting a bullish crossover, which might ignite the following Bitcoin rally.

Buying and selling Quantity: See above.

Bitfinex open quick positions: Following the odd drop within the variety of shorts, the quantity of open positions is now 10.9K BTC, which is the best degree up to now 5 days.

BTC/USD Bitstamp Four-Hour Chart


BTC/USD Bitstamp 1-Day Chart


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Source link Crypto Potato


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