Bitcoin (BTC) price analysis: another callback or reversal?

Bitcoin is still a downward trend in the downstream channel, so far this month the channel has been steady. The price rebounded from the bottom, and pull upward to the top, the latter once again become a drag. If the seller returns, bitcoin may return to the vicinity of the support, this is the Fibonacci extension tool (Fibonacci extension tool) markers. The level of 38.2% and $3200 in regions of low volatility consistent, while 61.8% level seems to be more close to the $3100 channel support. Greater selling pressure may make bitcoin fell to $3060 or 78.6%, to $2973.9. 100 point moving average below the moving average of 200 points long line shows the path of least resistance is down, or that the sell-off is more likely to recover, rather than the reverse. However, the current price at 100 SMA above the dynamic inflection point indicates the existence of pressure, call. The price is still possible to break through the top of the channel, and then test the 200 SMA dynamic inflection point at about $3450.

RSI is in decline, there are some places to be covered before hitting the oversold area. This shows that the seller may stay in the game, and may require at least a channel in the middle of the test area of interest, the price at around $3300. Random index has entered the oversold area, shows that the seller has buyers might take over the dead beat. With the support of bitcoin Mick mulvany (Mick Mulvaney) joining the Trump administration as his chief of staff, bitcoin bulls find some hope. Although not directly involved in the regulation or other potential development of the industry, but the buyer only seems to want to see any positive progress. However, look gains may be short-lived, because buyers will quickly in the resistance near lock rally.

Translation: Kunming plus

Source: ethereumworldnews

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