After blasting toward the former $11,395 BitStamp
Bcash was until recently, also trading within a steep descending channel, losing out to both ethereum (bch/eth) and bitcoin (bch/btc) respectively. The situation has changed quite a bit these past couple of days, with bitcoin cash slowing creeping ever closer to previous price zones. However, volume is marginally lagging so caution is advised. Bitcoin gold on the other hand has gradually climbed higher, although there have been several apparent pullbacks along the way. Likewise, the same is true for a select few alternative crypto currencies, which were hit even harder by bitcoins first
Despite the havoc raging across the wider markets, bitcoin supports are plentiful. This is again understandable, especially when we reevaluate how far the largest crypto currency has surged in just this last week alone. Primary supports stand out at yesterday’s $10,517.38 daily low, the $9,000 weekly low, and at the $5,555.55 monthly low. Secondary supports are discernible at $11,204.35, $10,737.86, $10,619.85, $9,369.20, $9,252.96, $8,348.06, $7,998.12, $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, and at $5,591.17.
The $11,800.01
Bollinger bands on the daily have considerably widened, signaling further price volatility. Nonetheless, the upper bands have been breached several times, which is often a sign of inherent bullishness. The 4-hour appears less chaotic, portraying a more stable divide between the outer bands, with price remaining close to the median line. Hourly bands are depicting a similar situation, even though the price has dipped below the median line.
The 30-day MA, 180-day MA, and 365-day MA are almost all in a perfectly parallel ascending order, with the same angle of ascent. Bearish crossovers have not occurred with either of the three, in any combination or sequence. The VWMA is rising, in line and in warm proximity to the 30-day MA. The EMA is acting accordingly, firmly following
RSI is neither overbought nor oversold, although it may be setting the stage for future oversold conditions. %R Williams is in a similar situation, inconclusive for now. The MACD has been establishing bullish and bearish crossovers in a consecutive interchanging order (marked appropriately with green and red vertical bars below). Simultaneously, OBV is on a steady rise in the face of dwindling volume.
Bitcoin began trading from the $5,555.55 monthly low on November 12 (GMT 04:00), and after more than 2 weeks elapsed, we witnessed a new $11,392.31
If you have any questions and comments on bitcoin today, use the form below to reply.