Bitcoin is still not out of the woods yet, if we take a look at the weekly chart. We're still trading this week between $9,400 and $10,800. A very nice $1,400 up from the beginning of the week, and definitely a healthy bounce to many's portfolios. However, we're still trading below the high of last week's high, at $11,800. This price zone is also where the 100 Day Moving Average acts as resistance.
Bitcoin is still not out of the woods yet, if we take a look at the weekly chart. We're still trading this week between $9,400 and $10,800. A very nice $1,400 up from the beginning of the week, and definitely a healthy bounce to many's portfolios. However, we're still trading below the high of last week's high, at $11,800. This price zone is also where the 100 Day Moving Average acts as resistance.
I have volume zoomed so I can better see the trend.
See how buying pressure is decreasing? ie: the green candles are getting smaller.
Selling pressure seems to be decreasing at first glance, but it's much more active now and it's been consistent.
In aggregate, selling volume is still greater than buying volume.
AdEx has a collapsing trading range, and volatility is decreasing. Although we are still open to some generous swing trades, we have to look at the big picture with regards where to put our wallets. A weekly chart follows with my notes on ADX, followed by a closer zoom on the daily with regards to the next week.
Sometimes it behooves us to step back and ask the Universe, "Ok bro, what are you telling me?" Yes, I refer to the Universe as bro. God understands the language you naturally speak.
Bitcoin may be experiencing a potential bear trap for those who open up shorts this evening? Let's look at the charts and see what's really going on with the price of Bitcoin!
Given the larger picture of the market correction concerning Bitcoin and other Altcoins, experienced investors know that we are in a perfect purchasing position and have been for the last week. Good positions like these market-wide do not come around everyday.
We are back within the falling wedge formation! After a daily bearish move downwards, we have shot back up. Is this a reversal finally, back into a range of motion that would make me bullish, or is this another dead cat bounce?
The current price of Bitcoin is $6,532 on Coinbase. Today's high was $7097 with a low of $6483. Clearly the chartists were wrong with their target of $7500 as the bottom, as we saw the slight rebound after wicking down to the 200 Day SMA peter out.
Today we're going to be talking about NEO and GAS being added to Korean exchange Coinrail! We'll also be talking about the upcoming Ethereum Classic hardfork, SIX DAYS and Counting Down!