Ray Salmond published on CoinTelegraph.com a text about “Bitcoin price trends”. Check it out:
Usually, for Bitcoin (BTC), weekends are marked by reduced trading volume as day traders take a break and also the CME Bitcoin markets are closed.
Knowledgeable traders may also know that exchange order books thin out for the duration of the weekend, providing opportune moments for clever Bitcoin whales to exploit these gaps and sway the price tag via whipsaw volatility.
This Saturday things are various as the scenarios talked about above are certainly not deterring traders from a renewed push for the $12K mark.
In the event the current move towards the important level fails, it would be the second time within a week and for some analysts several rejections at a important resistance level may be a bearish signal.
However, there are also an equal variety of traders who will argue that a number of retests of a important resistance level heighten the possibility that it will be breached on future attempts.
Some positives for Bitcoin value are: the day-to-day chart continues to show a pattern of greater lows, the RSI is in bullish territory at 66, and traders show strong interest in obtaining into every single dip, as shown by the increasing getting volume on the daily timeframe.
Inside the occasion that traders can handle a 4-hour close above $12,000, Bitcoin will have to pursue a every day greater higher above $12,068 and $12,123 then things will get rather exciting.
For the time becoming, we are able to see that the price tag is simply compressing into a tighter range within the pennant and drop the decrease trendline needs to be supported by the higher volume VPVR node extending from $11,730 to $11,500.
Generally a drop from such a pennant would warrant some concern but offered buyer’s demonstrated interest in getting due to the fact July 28th and further back to March 12, it appears bulls will ultimately have their way by flipping $12K to assistance within the short-term.
Read more clicking here.