Bitcoin, ETH, Ripple and Bitcoin Cash – Price analysis
The Bitcoin price recovered and breached the bearish trend line on the 4-hour chart
In addition, a small double bottom has formed in this time window.
However, the technical indicators suggest that the declines could still continue
The bitcoin price broke above the descending trendline to signal a possible reversal. However, the oscillators seem to indicate that further downward pressure is possible.
Technical Indicators Signals for the Bitcoin trader
The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance to the downside is. This suggests that selling pressure for the Bitcoin trader will continue. The 100 SMA seems to act as a resistance for now. On the 4-hour chart, BTC has breached the bearish trendline, however, an upward trend is not yet expected.
The moving averages, the oscillators and the price itself confirm that downward pressure still exists. The RSI has reached overbought conditions after the steep upward movement and is pointing down, indicating that selling pressure is increasing.
The stochastic also points to a return of selling pressure without having reached overbought conditions. If the bears return, Bitcoin could still fall below the trend line and continue the slide towards $5,800 an ounce.
TradingView’s Bitcoin Chart for the Ethereum Code
Market factors Bitcoin had a strong price increase within a few hours. This is particularly confirmed by the Ethereum code review statement that Bitcoin only needs ten days to reach new highs. We just reported yesterday evening that the CEO of the popular trading platform Bitmex* is confident that Bitcoin will reach $50,000 in 2018.