Bitcoin update - market needs more volume to break out
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Bitcoin market price has reached important resistance trend line and need to break this and the next middle term trend line to turn bullish otherwise we will see another test of short term up trend line and finally a correction to green buy area if this trend line breaks down. If the market falls below the $10,750 line today and closes there we have a new low on daily chart and that would bring many sellers into the market. Finally is the volume very low and need a big bullish buy volume push to break the two marked resistance trend lines. The volume is often lower at the weekend and I expect more a downward correction than an upward breakout.
-RSI is near resistance line and need to breakout above otherwise we will see down movement in market price
-MACD baselines are near bearish crossing which brings sellers into the market
-Market price supported by 50 day moving average on 1 and 4 H chart, expect fast down movement if this support MA breaks down.
-RSI is near resistance line and need to breakout above otherwise we will see down movement in market price
-MACD baselines are near bearish crossing which brings sellers into the market
-Market price supported by 50 day moving average on 1 and 4 H chart, expect fast down movement if this support MA breaks down.
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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