Slobodan Drvenica
Windsor Brokers
BTC/USD
Bitcoin eases on Monday, shifting focus towards the floor of near-term consolidation range (50500) established after larger bulls started to run out of steam and left fresh multi-month peak at 53017 (Feb 20).
Early signal of an uptrend’s stall and subsequent correction has been generated from daily RSI bearish divergence and strongly overbought weekly studies.
Last week’s action ended in red Doji candlestick after a four weeks of continuous advance, contributing to initial signals of reversal.
Deeper drop and violation of psychological 50000 support would lead to formation of reversal pattern on weekly chart and further weaken near-term structure for deeper correction.
Broader uptrend remains firmly in play and suggests that limited correction should precede fresh push higher, with extension below 50000 to be contained above 47500 zone (near Fibo 38.2% of 38501/53017 / daily Kijun-sen) to mark a healthy correction and offer better levels to rejoin larger bullish market.
Res: 51600; 52500; 53085; 54330.
Sup: 50500; 50000; 48310; 47500.
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.