Around one week ago, the price of Bitcoin was trading at sub-$6k levels with a lot of signs pointing towards a further downward movement. After a bounce back above the $6k level, Bitcoin underwent a bullish week with price reaching weekly highs above $6600. Price has since slowed in its movements, and we are currently trading on low volume. The MACD is crossing its signal line to the upside on the daily which is a bullish signal and may bring more buyers into the market. Price and RSI are also both forming higher highs and higher lows which shows more buying pressure in the market.
On the hourly, we can see the moving average levels currently acting as support. Price has mostly been trading between $6350 and $6550 as the bulls and bears battle for the next big directional move. It looks like we could see some more movement downward with some bearish indicators coming in to play on the hourly. The MACD is heading towards a centerline crossover to the downside, a bearish signal. We also have the RSI forming lower lows and lower highs showing less buying pressure in the market. The outlook is short-term bearish but long-term bullish. Next important levels are $6240 as support and $6650 as resistance.
- Outlook is short-term bearish but long-term bullish
- Bearish signs on the hourly but bullish signs on the daily
- $6240 and $6650 next important levels for price action
- Price currently trading on low volume
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Bitcoin [BTC] Price Trading Slows After Bullish Week was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.