Bitcoin [BTC/USD] Technical Analysis: Price to see a short term recovery after bearish momentum

Bitcoin [BTC]’s price seems headed for a general upwards trend recently, with the coin jumping on the hype train of the Bitcoin Cash [BCH] price hike to pull itself from the bear’s clutches. While the coin seems ready to test higher gains, the market may have more in store for HODLers than they expect.

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There is a visible uptrend in price from the $6220 – $6375 – $6445 and is complemented by a similar uptrend from $6330 – $6380 – $6530. This forms a channel, indicating a possible breakout in the price. The price is set to bounce off the lower uptrend for a short bullish rally.

A downtrend is also present from $6530 – $6510 – $6500. Support levels are present at $6390 and $6220, with a resistance set at $6530.

The MACD is demonstrating a bearish crossover and breaking downwards.

The Stochastic RSI has dipped into the oversold zone and is demonstrating a bullish crossover for the price to continue moving upwards.

The Parabolic SAR is also bearish, as seen by the presence of…

Read Full Story : AMBCrypto

2018-11-08 09:30:19

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