Once again, the $4,001.93 weekly low has not given away to selling pressure. This is the second time a reversal has failed to shatter the weekly support, the first attempt occurring on September 5 (GMT 03:00). The drops are shortening in intensity and decreasing percentage wise, with the first turnabout dragging on for 3 days, and price retracting by almost 20%. The next subsequent, and latest 15% fallback was concluded in less than 2 days.
With the new highs in bitcoin, altcoins have considerably constricted in their flow and movement. This has resulted in diminishing growth rates across the board, percentage wise at least, especially when compared to
Volume on Bitstamp is showing to be stable at the moment. Intersecting trend lines reaffirm the $4,001.93 weekly low as a firm point of interest. Primary supports stand out at the $4,001.93 weekly low, $3,600 September monthly low, and at the June $2,981.30 monthly high. Secondary supports are at $4,166.68, $3,866.79, $3,384.48, $3,301.46, $3,178.51, $3,144.66, and at $3,087.78.
The $4,679.97 weekly high is emerging as an important and crucial resistance level. However, both $4,378.38 and $4,481.47 are going to have to be conquered beforehand first. $4,676.44 and $4,700.06 are consequently, in close proximity after that, with the $4,979.9
The 0.382 fib ($4,376.42) lines up rather nicely with the $4,377.91 resistance. The 0.5 fib ($4,491.55) is close, but still overshoots the $4,481.47 September
Bollinger bands on the daily have calmed since last week, a more modest gap has also formed, and seems to be contracting, so lower volatility is to be expected. The 4-hour is behaving somewhat similarly, but price could ascend above the upper band, which does appear very likely at this point, especially when we consider that the top band has already been surpassed on the hourly charts. Still, the hourly has a much smaller Bollinger band interval, so a cautionary stance is highly advisable.
We may soon witness a bullish crossover of the 30-day MA above the 180-day MA. However, a drive of the 30-day MA beyond the 365-day MA, does not look to be likely, particularly in the near term, and in light of current market circumstances.
VWMA is trending noticeably beyond the 30-day MA, the
In just the past 3 days, the MACD has had 3 bullish crossovers over the signal line. The first transpired on September 10 (GMT 13:00), second on September 11 (GMT 14:00), and the third today at 02:00 GMT. Bearish crossovers, drops of the MACD below the signal line, were confined to yesterday’s trading, taking place at 05:00 GMT and 21:00 GMT. RSI is overbought, and the same is true for the %R Williams indicator. OBV has kept rising in accordance with existing price movement and momentum, no divergence for the time being.
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