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Bitcoin Price: Bullish Outlook Stands As Higher Lows Form

bitcoin social trading

The bullish outlook remains for Bitcoin as we have higher lows and higher highs forming in both price and RSI. The MACD is starting to converge showing the downward momentum is dropping off, and today we are pricing in a significant gain. Today’s gain comes after a steep drop yesterday which was held by support near the $6240 mark. The MACD is also crossing its signal line to the upside, a bullish sign which supports the overall outlook.

Bitcoin Daily Chart

The steep drop yesterday occurred over the space of about three hours with the drop moving Bitcoin from the $6450 price to $6250 support. Bitcoin has retraced all of these losses and is back trading near $6450. Price is now trading in a tight range on low volume with the hourly 50, 100, and 200EMA also moving sideways. This is not an ideal environment for intraday traders to take positions, so many will be waiting until some more trading activity comes into the market before taking positions.

Bitcoin Hourly Chart

Key Takeaways:

  • The overall outlook is bullish, with both price and RSI forming higher lows
  • The steep drop occurred yesterday to $6240 support, but price managed to retrace all losses
  • MACD crossing its signal line to the upside on the daily, a bullish sign which supports the overall outlook
  • Price currently trading in a tight range with the hourly moving averages also trading sideways. Intraday traders will probably wait for more volume and volatility to come into the markets before taking positions
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Bitcoin Price: Bullish Outlook Stands As Higher Lows Form was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.