BTCUSDT 4H | Bitcoin market overview: 19,000 again.
Hello, dear subscribers!
In the previous review we looked at the possibility of decreasing the price of bitcoin to support zone 2.
Since then, the price has again touched support zone 2, formed a double bottom - a reversal signal and began to rise. The resistance zone, painted in red, did not become an obstacle for the bulls and at the moment the Bitcoin price has overcome this zone. The next resistance is the price level of previous highs, which is about $19,400. Further important for the market prices are round $20,000. It is around them that the battle between bulls and bears may take place.
Indicators RSI and MACD confirm the growing trend. The figure on these indicators forms a pattern of divergence, which suggests that the market is currently overbought and correction of the bitcoin price is possible.
The OBV indicator shows a slight increase in the volume of purchases, but this volume is much less than the previous maximum. It shows a decrease in buyers strength and interest in buying.
In the following days, we can see either the current price and indicator values go up, which will destroy the current trend completion patterns, or the price will go into a correction movement.
Subscribe to the channel and stay with us!
In the previous review we looked at the possibility of decreasing the price of bitcoin to support zone 2.
Since then, the price has again touched support zone 2, formed a double bottom - a reversal signal and began to rise. The resistance zone, painted in red, did not become an obstacle for the bulls and at the moment the Bitcoin price has overcome this zone. The next resistance is the price level of previous highs, which is about $19,400. Further important for the market prices are round $20,000. It is around them that the battle between bulls and bears may take place.
Indicators RSI and MACD confirm the growing trend. The figure on these indicators forms a pattern of divergence, which suggests that the market is currently overbought and correction of the bitcoin price is possible.
The OBV indicator shows a slight increase in the volume of purchases, but this volume is much less than the previous maximum. It shows a decrease in buyers strength and interest in buying.
In the following days, we can see either the current price and indicator values go up, which will destroy the current trend completion patterns, or the price will go into a correction movement.
Subscribe to the channel and stay with us!
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