BTC price analysis: there are some signs of bullish

In the 1 hour chart, bitcoin still showed a downward trend in the downstream channel, but is currently being tested once again break resistance. However, this is consistent with a field of interest or previous support, may now as an upper bound. This price just 50% Fibonacci retracement level at around $3600, so at this price may have some selling pressure. The breakthrough levels may reach 61.8% Fibonacci retracement or $3700 regional barriers. This also happens with 200 SMA dynamic inflection point coincidence. 100 point moving average is lower than the long-term average mobile 200, shows that the path of least resistance is down. In other words, are more likely to decline rather than reverse recovery. However, between the two moving averages is narrowing the gap, to reflect the slow selling pressure, and hinted that it might appear a long cross. In addition, bitcoin has exceeded 100 SMA dynamic inflection point, shows that the bullish momentum is on the rise.

RSI has reached the overbought zone, and then began to fall, that selling momentum picked up. Random index moved south, shows that the bears prevailed, may push prices to $3225 regional shocks low or near the bottom of $3000 channel.

On the other hand, buying a strong rebound in the price of gold rose to high volatility could lead to about $4050, or rise above that level, it may reverse the decline is confirmed. Over the past few weeks, bitcoin has many things to do, because it is trying to get rid of the current drag prices FUD. Despite the recent rise is positive, but because of fears that prices fell again, the Bulls quickly rebounded from a profit.

Translation: Kunming plus

Source: ethereumworldnews

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