Bitcoin has endured a lot and vigorously persisted these past few days, with volume remaining relatively stable along the way. Regardless, we could end up staying in this sideways trading range if circumstances remain unchanged, or at least until the week long Chinese national holiday has concluded.
Bitcoin cash has continued descending since its $972
Bitcoin has been performing rather well despite the expected schism and overwhelming community discord, and has risen above $4,350 today, which is in all fairness, not that far from the previous $4,979.9
Supports are abundant, with the $3,602.79 August monthly low especially standing out, in addition to the $4,137.96 weekly and $2,972.01 monthly lows. Secondary supports are at $4,377.91, $4,215.40, $4,137.21, $4,120.57, $4,019.65, $3,849.78, $3,512.30, and at $3,461.38.
The $4,453 weekly, $4,679.97 monthly, and $4,979.9
Fibonacci extensions derived from the current trading range have been predetermined at $4,800.05 (fib 1,236), $5,015.16 (fib 1.382), $5,189 (fib 1.5), $5,362.87 (fib 1.618), $5,925.69 (fib 2.0), $6,488.5 (fib 2.382), $6,836.21 (fib 2.618), and at $7,399.03 (fib 3.0). There is also an overlap of the $4,215.40 support and 0.618 fib level from the previous trading range (prior to the $4,979.9
Bollinger bands have stabilized on the daily, and price is creeping up closer toward the upper band, a push above the band should be taken as a
Yesterday’s bullish crossover of the 30-day MA ahead of the 180-day MA, should have been taken as a
The VWMA is staggering slightly below the 30-day MA and 180-day MA for now. Even so, the interval between the 180-day MA and VWMA has continued to widen. The EMA towers over them all though, and has only cycled below and above the 30-day MA in the past 24 hours.
The RSI has found equilibrium, and is neither exhibiting overbought nor oversold conditions. The %R Williams indicator is on similar footing as well, no definite direction for the time being. OBV is yet to collapse, but this might change soon due to volume dropping on the hourly. The MACD has drastically oscillated above and below the signal line, with 4 bearish (marked in red) and 3 bullish (marked in green) crossovers transpiring in just the last 48 hours.
Bitcoin has been on the run since September 15, which was when the ongoing $2,972.01 monthly low was achieved (GMT 11:00). The last week was chiefly characterized by sideways trading, entirely between the $4,019.65 support and $4,453 weekly high. A breach of this high appears to be likely, but it may be postponed, in case conditions form for another reversal.
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