XBT Technical Analysis - JoeTrader
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Technical Analysis:
So after the recent price pump and Bitcoin price has stabilised a bit, I'd like to go back to the chart. As of this writing, price has been held down by 100MA as much as it is also held up by 200MA. I expect we will consolidate from this 8900 - 9660 range where VPVR is observed to trade on low volume.
A break above 100MA would mean continuation of uptrend in my opinion and similarly a breakdown below 200MA will mean bearish short to mid term although we've had several occasions in the past where Bitcoin broke down below 200M only to come back up in few days.RSI, Stoch, OBV are pointing up which is a good sign for the bulls.
Opinions:
Sentiment is one of the biggest catalyst of Bitcoin and Crypto markets and right now, it is on the good side with China supporting blockchain technology and the rest of the world are watching over Facebook's Libra. I would like to think the recent pump is a start of a bull trend and I am more leaning bullish not to mention the halving event that is coming. If you are a long term trader, spot buying Bitcoin is a good idea. Best of luck!
So after the recent price pump and Bitcoin price has stabilised a bit, I'd like to go back to the chart. As of this writing, price has been held down by 100MA as much as it is also held up by 200MA. I expect we will consolidate from this 8900 - 9660 range where VPVR is observed to trade on low volume.
A break above 100MA would mean continuation of uptrend in my opinion and similarly a breakdown below 200MA will mean bearish short to mid term although we've had several occasions in the past where Bitcoin broke down below 200M only to come back up in few days.RSI, Stoch, OBV are pointing up which is a good sign for the bulls.
Opinions:
Sentiment is one of the biggest catalyst of Bitcoin and Crypto markets and right now, it is on the good side with China supporting blockchain technology and the rest of the world are watching over Facebook's Libra. I would like to think the recent pump is a start of a bull trend and I am more leaning bullish not to mention the halving event that is coming. If you are a long term trader, spot buying Bitcoin is a good idea. Best of luck!
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