Home / Bitcoin Price Predictions / Bitcoin Price Technical Analysis for 01/24/2018 – Reversal Candlesticks at 100SMA
Bitcoin Price Technical Analysis for 01/24/2018 – Reversal Candlesticks at 100SMA

Bitcoin Price Technical Analysis for 01/24/2018 – Reversal Candlesticks at 100SMA

Bitcoin Price Key Highlights

  • Bitcoin worth stays to be treading fastidiously above the ascending sample line on the day-to-day time frame.
  • A bounce could also be due as a doji has formed at the 100 SMA dynamic help on this chart.
  • The subsequent candle would want to shut earlier the doji’s highs to confirm that bulls are regaining administration.

Bitcoin worth is struggling to stay afloat nevertheless the reversal candlestick at the 100 SMA on the day-to-day chart might very effectively be a bullish signal.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA on this time frame, so the path of least resistance stays to be to the upside. This signifies that the long-term rally is further extra prone to resume than to reverse, and this ascending sample line would possibly perform help.

A doji will probably be seen correct on the 100 SMA and near the sample line, nevertheless affirmation is required sooner than calling this a bullish signal. A day-to-day candle closing above the reversal candlestick’s highs might very effectively be ample to draw further shoppers once more in.

Stochastic is on its technique up from the oversold space to level that selling pressure is exhausted and shoppers may be taking over. RSI nonetheless has a bit further room to fall, so a much bigger correction might very effectively be in play. The 200 SMA stands out as the street throughout the sand, as a break beneath this would possibly lead to a steeper drop.

Market Factors

Buyers returning to spend cash on the cryptocurrency at cheaper ranges are seen to be one of the primary parts for the slight bounce, as there have been no major catalyst from the enterprise itself.

Dollar weak spot could also be one different subject for the explanation that international cash has weakened all through the board whatever the dearth of top-tier information. Risk-taking has moreover been bearish for the safe-haven dollar, and its weak spot might need carried on to the BTCUSD pair.

Quite a number of bitcoin forks are nonetheless lined up throughout the months ahead and this moreover appears to be contributing to the draw again pressure. It doesn’t help that crackdowns are nonetheless carrying on in China and South Korea, major retailers to liquidate positions shortly.

Check Also

Bitcoin price (BTC/USD) hits 3-week high above $11,000

Bitcoin price (BTC/USD) hits 3-week high above $11,000

The previous couple of buying and selling classes have seen the Bitcoin price (BTC/USD) swinging …