Now FIFA'2018, Russia

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency happy to move sideways after price surge

The cryptocurrency market is currently enjoying a sudden bullish rise which saw a majority of the cryptocurrency shoot up in value. This group of cryptocurrencies included Bitcoin [BTC], Ethereum [ETH] and XRP, all of which received a reprieve from the stagnated sideways price movement.

1-hour

The one-hour Bitcoin chart shows a clear uptrend that took place recently, liting the price from its sideways path. The uptrend lifted the prices from $3,907.8 to $4,192.4. The immediate support has been holding at $3,800 while the immediate resistance is at $4,192.4 as a result of the bullish surge.

The movement of the Awesome Oscillator is a direct reflection of the bullish market. The indicator shows the market momentum picking up after a change in the investor sentiments.

The MACD indicator has shown a crest created by both the signal line as well as the MACD line and undergoing a crossover. The crossover comes amidst the prices holding steady at the top.

1-day

Bitcoin’s one-day graph points to the significant bear hold on the market with the recent price hike creating just a minor spike on the overall chart. The downtrend on the chart resulted in the price dropping to $3,298.9 from $6,441.3  while he uptrend managed to raise the value $4,156.3. The immediate support is at $3,239.1.

The Relative Strength Index shows the cryptocurrency holding right at the middle of the oversold zone and the overbought zone. This signifies an equilibrium between the selling pressure and the buying pressure.

The Chaikin Moey Flow indicator has started falling back towards the bottom of the graph after skirting the zero line. The fall shows that the money leaving the market is more than the money coming into the market. The CMF prediction also creates a picture of an unchanged investor sentiment base even after Bitcoin’s surge.

Conclusion

Bitcoin’s performance looks to be relying on the slow and steady mantra, settling into regulated movement after the vertical price spike. The above-mentioned indicators all point to a slow-moving market with intermittent bull spikes.

The post Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency happy to move sideways after price surge appeared first on AMBCrypto.



from AMBCrypto http://bit.ly/2TBsYXl

No comments