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Bitcoin Price Analysis: Will Bitcoin Bite Back?

Eustace Cryptus
by Eustace Cryptus
6 years ago
·
Posted in Bitcoin, Bitcoin Price, News, News teaser, Trading
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Now that the Bitcoin Cash hard fork is complete, will Bitcoin bounce back from a $1,200 loss?


Market Overview

Yesterday’s 8% move from $5,188 to $5,700 was nice but does the King of Cryptocurrencies have any other cards up its sleeve? At the moment bull volume is nearly non-existent and as the weekend approaches it could taper even further so barring some positive breaking news, bitcoin (BTC) [coin_price] seems set to trade in the current range at least until the start of next week

Daily Chart

Daily Chart

4-HR Chart

4-Hour Chart

Bitcoin does not appear to have found a bottom yet and at the moment there is an inside bar forming on the daily chart. Depending on one’s vision, there is the possibility of an inverse head and shoulders formation in the works on the 4-hour chart. Bitcoin needs to break above the closest resistance at $5,712 then $5,760 in order to trade above the 5 and 10-MA. There was a soft support at 5,590 but this appeared to be giving way at the time of publishing.

Looking Forward Over the Short Term

In the event of an inverse head and shoulders pattern becoming clearer, cautious traders might wait before popping in for a presumed bull break as the 4-hr resistances have not been tested since the big drop. So waiting to observe sustained follow-through above the most immediate resistances might be wise. There also appears to be divergence within the Stoch and RSI when compared to Bitcoin price action [coin_price] on the 4-hour chart but the absence of bull volume means traders shouldn’t get too excited.


[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets. 


Images courtesy of Shutterstock, Trading View. Market data sourced from Bitfinex.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Eustace Cryptus

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Educator by day, crypto zealot at night. I scour charts, swing trade & ponder blockchain’s ability to transform cities, commerce and the entire banking system as we know it!

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