5 hours ago
This is simply a regular investigation by CoinDesk expert and Chartered Market Technician Omkar Godbole.
Bitcoin (BTC) bulls are attempting to found an interim debased astir $113,000, but the effort appears anemic successful presumption of some terms and volume. So far, the bounce has been hardly notable, with upside capped supra $114,000. Additionally, volumes person stayed debased comparative to what we observed during the aboriginal Tuesday drop, arsenic seen connected the hourly chart.
The anemic bounce is accordant with bearish momentum signals, arsenic the 50-, 100-, and 200-hour elemental moving averages (SMAs) are aligned successful descending bid and trending downward.
On the regular chart, prices person convincingly breached beneath the rising trendline support, signaling a displacement from bullish to bearish momentum. Both the longer-term MACD histogram (50,100,9) and the much commonly utilized MACD (12,26,0) are showing expanding antagonistic momentum, with deeper bars beneath the zero line.
Therefore, the likelihood look to beryllium stacked successful favour of a continued determination lower. The archetypal level of enactment is $11,982, from which the marketplace turned higher connected Aug. 3. The 100-day SMA is seen astatine $11,053. If these levels are taken out, the absorption would displacement to the 200-day SMA astatine $100,484.
A convincing determination supra the 50-day SMA astatine $116,033 would negate the bearish outlook.
- Resistance: $116,033, $120,000, $122,056.
- Support: $111,982, $110,053, $100,484.
Read more: Markets Today: Bitcoin, Ether Recover From Lows Before FOMC Minutes
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