The Bitcoin price may stop its bearish move as a double bottom is evident on the 1-hour chart
Technical Indicators Signals for Bitcoin trader
The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is down. This means that the downtrend is more likely to continue. The 200 SMA is in the middle of the formation and underlines the resistance strength of the top that needs to be broken. The RSI is currently well above the 50 level and currently signals the overhand of the Bitcoin trader. But the RSI is almost in the overbought zone, which might reflect the exhaustion of the Bitcoin trader in the long run. The Stochastic Oscillator is also on its way up, but could soon return from the overbought level.
Market factors. So far the Bitcoin price could not prevail over the resistance barriers. Many investors are still waiting for groundbreaking news to enter the market. Most expected prices to rise sharply during the Consensus Conference, but as you can see in this article, this has never been the case since the event was launched. Only weeks later were significant price gains achieved.
Bitcoin Profit Cash Price Highlights
Bitcoin Profit Cash found support near $1,220 mark and recovered slightly against the US dollar
There is a bearish short-term trend line forming on the hourly chart with resistance at $1,340 an ounce. Bitcoin profit faces many hurdles near resistance zones at $1,340 and $1,350 an ounce
Bitcoin Cash is slowly recovering from its low at $1,220 an ounce. BCH could rise in the short term, but the strong resistance barrier at $1,350 an ounce still needs to be breached.
Technical Indicators Signals
Yesterday there was a downtrend below $1,300 an ounce. The price was below $1,240 an ounce and almost tested the $1,200 support. A low was formed at $1,220 an ounce before the price rallied. The price managed to overcome the resistance at $1,300 an ounce. There is a short-term bearish trend line forming on the hourly chart with resistance at $1,340. There appears to be a large barrier forming near $1,340 and $1,350 an ounce. A breach above $1,350 could push the price towards the 100-hour SMA and target the next resistance level at $1,400.
Bitcoin Cash Price Analysis
Looking at the graph, the price shows positive signals above $1,240. However, it will be difficult to break through the resistance levels of $1,350, $1,380 and $1,400. The MACD is currently moving slowly in the bullish zone. The RSI is now above the 50 level and shows a slight buyer’s market. The highest support level is currently at $1,240 an ounce while, as mentioned earlier, resistance is at $1,350 an ounce.