Bitcoin price fluctuations have reasonably abated since yesterday, but the prevailing trend does appear to be leaning toward a moderately bearish sentiment. Hourly trading volume has continued to be dominated by sell orders in the past 24 hours, contrasting the subtle increase in average daily volume since the beginning of the month.
The prevailing trading range, spanning from the $6,700 weekly low up to the recent $7,888
With supports abound, two are especially fixating: the $6,700 weekly and $4,700 monthly lows. Other supports for the ongoing trading range are at $6,820.38, $6,922.58, $6,956.42, and $6,991.37. A breakdown below the $6,700 weekly low, could result in a retest of the secondary supports: $6,311.77, $6,226.98, $6,178.96, $6,025.93, $5,872.75, $5,645.18, $5,591.17, $5,407.07, $5,101.91, $4,978.58, and the $4.740.91 support. Any reversals below the $4,700 monthly low, will without a doubt, signal the end of this
Alternative crypto currencies such as etheruem, ethereum classic, monero, and litecoin are securing new weekly highs on both bitcoin and fiat trading pairs. An impression is forming that traders and key market participants, might be trying to hedge against any negative or positive future market developments. The monstrous growth we have observed, has traditionally always been succeeded by a
The 30-day MA has been
Bollinger bands on the daily have expanded considerably, and volatility may be imminent. However, a breach above the upper bands suggests a partialy bullish bias. The 4-hour is the opposite, with the bands holding a stable gap for the time being. No severance or early signaling of upward price momentum or movement. Almost all trading activity remains confined, but the price has dropped below the lower bands on occasion. The 1-hour bands are more disruptive for example, with wicks breaking above and below the indicators constraints.
The RSI is advancing closer to a state of being oversold, and the same could be said for the Williams %R significant, although to a lesser degree. OBV is quite formidable in comparison to the falling volume. MACD has endured 2 bearish (marked in red) and 2 bullish (marked in green) crossovers in the last 48 hours, with a third bullish crossover likely to happen by the days end.
Bitcoin launched from the $6,922.15 November 6 (GMT 01:00) daily low into a rapid price surge, which ended up abruptly concluding at the $7,888
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