The Bitcoin price bounced off the bottom of its rising channel and stands ready for a rise
The BTC price found support at $9,000 and could further increase its profits, but technical indicators still show declining pressure
Technical indicators Signals
The 100 SMA crosses the longer-term 200 SMA from top to bottom to indicate that the path of least resistance is downwards. In other words, the sales pressure has not yet been overcome and is expected to continue. Moreover, the 100 SMA appears to be dynamic resistance for the time being. The RSI is over 50 and shows an overhang of buyers at the moment. The stochastic moves down from the overbought zone so that the bitcoin price could follow. So far, the bitcoin price, as clearly seen in the chart in the channel pattern, to break the trend must break bitcoin the channel – resistance at $ 10,170. So far, $9,000 has served as the channel’s support area and prevented further losses.
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Bitcoin Chart from TradingView
market factors
The bitcoin price appears to be more resilient as investors are expected to focus more on previous positive developments. At the moment, market signals are actually pointing to a long-term rise, as with the announcement of the NYSE and Bitcoin’s own stock exchange, Bitcoin reaches Wall Street and access to traditional investors. Also interesting is Tom Lee’s view that the annual consensus conference is an indicator of a price increase.
Bitcoin Cash Prize Highlights
The Bitcoin Cash price found support close to $1,460 and recovered against the US dollar
This week’s most important bearish trend line, breaching a resistance at $1,580 on the hourly chart.
BCH also moved above the resistance level at $1,600
Bitcoin Cash is back in a positive zone of over $1,600 against the US dollar. BCH needs to settle above $1,675 and the 100 hours SMA to gain momentum.
Technical indicators Signals
After further losses, Bitcoin Cash was able to find support near $1,460 against the US dollar. The price traded to a low of $1,463 and began a rally. Thus, further gains were possible and the price broke through important resistance hurdles at $1,550 and $1,600.
More importantly, however, the bearish trend line was breached with a resistance at $1,580 on the hourly chart. These are all positive signals as the price is now well above $1,600. Right now, buyers are struggling to keep the price above $1,650 and the 100 hours SMA. The level of $1,675 is a decisive resistance.