During today’s session we see an increase in the BTC price of more than 10% raising the price above $ 4200 at the time of writing this analysis.
After touching the $ 3700, Bitcoin began a slight recovery which can still have a pullback so we must be vigilant.
EMA 9/26 moving averages are experiencing a move towards the bullish area; however we still do not have a confirmation of bullish trend change.
- Bitcoin recovers more than 10%
- Bounce in the $ 3700
- Increase in purchase volume
Analyzing the graph of the BTC / USD pair in a one-day period, we can see how the buyer market has started a session for the benefit of the BTC. You have to be careful with this type of increase as, repeatedly cause many investors to go into purchase so that then the big capitals sell their BTC at a better price and buy back cheaper.
At this moment Bitcoin has the main resistance in the $ 5000, so it is convenient to analyze the movement of BTC and validate if it truly breaks the $ 5000 or if this increase could be a hoax.
The RSI moves above 30% while the market volume causes the bulls to take control of the session at least for this moment.
We must bear in mind that this increase, although it is a recovery for BTC, the cryptocurrency still continues in a bearish area of the strongest of 2018.
- Moving Averages EMA 9/26
- RSI (Relative strength index) 30%
- Support $ 3700
- $ 5000 resistance
This analysis should be used as an information medium; it does not pretend to be an investment advice. Investing in cryptocurrencies is highly risky; avoid investing the money that you cannot afford to lose.