It has been a rather dynamic week for both bitcoin, and tether respectively. The prior weekend saw strong volume across all USDT pairs on Poloniex, hopefully we will see this repeat coming into the
Volume had been stable after the
Fibonacci level extensions derived from the pre
Fibonacci level extensions from the current trading range are at the following levels: 3,182.76 USDT (fib 1.236), 3,341.92 USDT (fib 1.382), 3,470.55 USDT (fib 1.5), 3,599.17 USDT (fib 1.618)
All are potential price points moving forward, in case price shoots past confirmed resistance levels at 2,817.94 USDT, 2,879.74 USDT, 2,907.40 USDT, beyond the 2,924.69 USDT weekly high, and lastly, ahead of the
We may witness a bearish MA crossover soon, the 30-day MA appears to be lagging in comparison to the 200-day MA, which is in a steady rise.
Close supports are holding for now at 2,599.99 USDT and 2,549.79 USDT, despite the shattering of the previous 2,649.76 USDT support.
Price has dropped below the lower Bollinger band, bearish momentum confirmed for the short term at least. Bands are expanding, which is frequently an early signal for incoming volatility. Nonetheless, further trading activity is required for increased certainty.
RSI is oversold at the moment, but seems to be following the existing price trend and overall market movement. No lasting or substantial divergence with the Williams %R indicator, which is also mirroring RSI performance at present. The same is true for the MACD, no immediate or obvious divergence in relation to the total market trading or price fluctuations. OBV has dropped rapidly with the increase in short term sell volume, bearish sign for now.
Poloniex’s bitcoin/tether pair started trading on July 16 at 1,835 USDT (10:00 GMT). What began as a strong move up, lasted until 2,387.17 USDT was touched on July 18 (20:00 GMT), after which price oscillated between 2,211 USDT and 2,408.73 USDT, before soaring yet again to the new weekly high of 2,924.69 USDT on July 20 (22:00 GMT). Trading has since continued in a fixed range, between the still valid 2,599.72 USDT support, and aforementioned weekly high.
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