Bitcoin price is in a sideways trend, a break of the key resistance of 6,800 USD?

Bitcoin price is in a sideways trend, a break of the key resistance of 6,800 USD?

Home News Bitcoin price is in a sideways trend, a break of the key resistance of 6,800 USD?

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Marcus Misiak –
24.09.2018

After Bitcoin exchange rate could rise in the last week from its week low of 6.125 USD to a new weekly high close of 6.840 USD-brand, managed to secure BTC over the weekend, only the most recent growth and to avoid further Pullbacks. At the start of the week, it is now the key resistance level of 6,800 USD durable to break through, to confirm the upward trend of the past week.

As we reported yesterday, the Bitcoin bull and billionaire Mike Novogratz, the to 6,800 and 8,800 USD-brands as a short-term major resistances before Bitcoin to the end of the year could test the $ 10,000-level. As Novogratz said the eruption could create a solid basis for a medium-term rally in this.

If BTC can in the next few hours the brand from $ 6.800 to break through, it is very likely that the Momentum for BTC continues to grow and the 7,000-USD-Region.

The bulls should win on the market the upper hand, so the target would be next, the High from the 5. September is 7.400 dollars, which is also just above the moving average of the last 200 days (200 EMA), currently at 7.354 dollars, as the following daily chart shows.

1-daily chart

The technical indicators under the positive output stress situation. The RSI has risen above its 50-points-mark (“neutral”), but for a buy-signal still a rising above the downward trend line on the Indicators. The MACD has already generated an exit signal from the short positions and moves in the direction of its zero line. A jump it would be a real liberation.

A bit of a Worry the fallen trade volume of Bitcoin. After last week, Bitcoin is a gradual increase in the volume has shown, this was associated with the rise in the Bitcoin price, is the volume over the weekend and back again, suggesting that either the market is taking a breather, or the Momentum is weaker.

At the moment, the mood seems all-in-all, indecisive, since there is in addition to the cops, it’s also a great deal of resistance. Nevertheless, Bitcoin is able to keep the current Level over the weekend and has stubbornly shown a strong Position against the resistance levels. This shows a constant and persistent buying pressure. This stamina and strength, in turn, could break the resistance. On the other side of the trade Bitcoin might also tend to quickly down below.