Bitcoin has finally broken above $8,000, and the rather expedient
Needless to say, if we disregard social media and the official mainstream narrative, while focusing on the most prominent altcoins, then the expedient migrations of crypto capital are starting to become fairly obvious, especially on many of the larger exchanges. Bitcoin cash, ethereum, nxt, dash, litecoin, and ripple are generating the most noticeable daily volume on USD, USDT, and BTC trading pairs respectively. Even so and despite occasional altcoin flash pumps (which have started to become noticeably shorter in duration with every passing week), bitcoin has kept strong.
With supports abound, yesterday’s $8,087.99 daily high was first in line, and was the only support above the crucial psychological $8,000 price level, until it unfortunately shattered. The now remaining secondary supports are predetermined at $7,997.61, $7,886.40, $7,590.09, $7,570.17, $7,499.82, $7,353.51, $6,991.37, $6,956.42, $6,776.88, $6,314.14, $6,025.93, $5,872.75, $5,754.5, $5,645.18, $5,591.17, and at $5,407.07. Primary supports are more interesting though and stand out at $7,771.79, $7,429.58, $6,922.58, $5,591.17, and at the $5,366 monthly low.
Our primary resistance levels are the $8,226 former and $8,354.46 current
The 30-day MA is practically unstoppable, and apart from the bullish crossover of the 180-day MA over the 365-day MA (which took place almost 2 days beforehand), all three MAs are skyrocketing forward and also maintaining reasonable distances from one another. The EMA is on the other hand, behaving in tune with the prevailing but matching volume. At the same time, the VWMA is contrasting this momentum, and is doubtlessly soaring ever closer to the 30-day MA.
The daily Bollinger bands are expanding, signaling that higher volatility is incoming. This is not really that surprising, considering how much the bitcoin price has ballooned in the past few months. The 4-hour is favorable in retrospect; the gap between the upper and lower bands is still relatively stable in nature. Nonetheless, most of the price action is happening above the median line, with occasional breaches occurring even higher and ahead of the utmost bands. The hourly bands are a bit more constricted, but the disparity is less pronounced. This may be why price is so recklessley discharging outside of the indicator’s constraints.
RSI is inconclusive, and is neither exhibiting overbought nor oversold conditions. The %R Williams is leaning toward being oversold, while OBV is trending higher and is not showing any signs of momentarily slowing down. The MACD is
The drive to the $8,354.46
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