Bitcoin has seen 3 new
Select altcoins have had rallies in the meantime, even though they have been much less pronounced and intensive percentage wise. This of course can be mostly attributed to the rise of bitcoin, which has skewed the parities on many of the alternative crypto currency btc trading pairs. Micro caps have been especially affected, again notwithstanding the smaller number of crypto assets that have managed to secure record gains, in these past few weeks.
Bitcoin cash has almost jumped
Primary bitcoin support levels are set at the $5,366 weekly and $4,137.96 monthly lows. Numerous intersecting trend lines converge at the $5,366 weekly low as well. Secondary supports for the ongoing trading range sit at $5,872.75, $5,754.5, $5,645.18, $5,591.17, $5,407.07, $4,978.58, $4,740.91, $4,700.06, and at $4,676.44.
Aside from the $6,316.85
Fibonacci levels do no overlap with the majority of supports, aside from the 0.236 fib ($5,082.55) which is in close proximity to the $5,101.91 support. Fibonacci extensions calculated from the ensuing trading range are entrenched at $7,306.92 (fib 1.618), $8,916.45 (fib 2.618), $10,525.98 (fib 3.618), and at $11.520 (fib 4.236).
The 30-day MA has managed to carry above the 180-day and 365-day MAs with relative ease. This was to be expected though, given the occurrence of the prior 30-day MA bullish crossover on October 29 (GMT 18:00). The 180-day and 365 day MA are moving in sync, and a bearish crossover with the 30-day MA collapsing under the pair, is conceivable if bearish sentiment persists and/or accelerates. The EMA is intimately aligned with the 30-day MA, while the VWMA is now firmly overlaying the 180-day MA.
Bolinger bands on the hourly seem to be warning of a possible expansion of the bands, which could bring about a widening of the band gap, paired with heightened forthcoming volatility. The 4-hour on the other hand, has already broadened greatly, with price lingering below the upper band, considerably ahead of the median line. The daily bands are contracting, and a jump above the outer band is feasible, albeit unlikely.
The %R Williams is exhibiting overbought conditions, while the RSI appears to be neutral. However, the remainder of the day could see an alignment of both indicators, thus laying the groundwork for a
Bitcoin started the previous
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