BTCUSD MARKET REVIEW
Bitcoin continues to sustain a significant rise in transactions per day over the past few months and also being the only coin with transactions fees, that has experienced steadily increasing transactions per day since April 2018.
The network hash rate has increased significantly since December 21st, indicating a substantial increase in mining activity. The increase followed a 35% decrease in difficulty across four difficulty adjustments late last year.
Despite disruptions in hash rate and increasing block times throughout December 2018, pending transactions have continued to decline and have been relatively low since mid-November.
Relative to price movement, BTCUSD has maintained its levels of support $3809 after test a strong resistance at $4213. Presently the price is ranging between $3809 up to $3987 for 4days now.
An undecided break lingering, more positive signal is given on the RSI which is above 50 and hovering above and will likely bounce back up to retest the previous resistance.
Higher probability that price will test $4096 and the major resistance at $4213(if these current levels of supports are held).
The Ichimoku cloud components are showing a kijun bounce which gives signal of a bullish continuation to the upside but waiting for the CHIKOU SPAN to come out of the cloud.
In the coming days price will likely move higher to test previous highs, based on the indicators filpping to a bullish signal.
VERDICT:
Target: $3987 up to $4213
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Bitcoin continues to sustain a significant rise in transactions per day over the past few months and also being the only coin with transactions fees, that has experienced steadily increasing transactions per day since April 2018.
The network hash rate has increased significantly since December 21st, indicating a substantial increase in mining activity. The increase followed a 35% decrease in difficulty across four difficulty adjustments late last year.
Despite disruptions in hash rate and increasing block times throughout December 2018, pending transactions have continued to decline and have been relatively low since mid-November.
Relative to price movement, BTCUSD has maintained its levels of support $3809 after test a strong resistance at $4213. Presently the price is ranging between $3809 up to $3987 for 4days now.
An undecided break lingering, more positive signal is given on the RSI which is above 50 and hovering above and will likely bounce back up to retest the previous resistance.
Higher probability that price will test $4096 and the major resistance at $4213(if these current levels of supports are held).
The Ichimoku cloud components are showing a kijun bounce which gives signal of a bullish continuation to the upside but waiting for the CHIKOU SPAN to come out of the cloud.
In the coming days price will likely move higher to test previous highs, based on the indicators filpping to a bullish signal.
VERDICT:
Target: $3987 up to $4213
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.