It’s nice to have us talk about bitcoin price update again. A lot of unrest is present in the heart of traders as bitcoin price momentum reduces drastically. Are we in a bearish market already? Why has the bitcoin price been moving in an inconsistent manner? Do you think bitcoin can touch the ceiling again this year? Now, in a nutshell, bitcoin price is facing some kind of correction and this may spell the beginning of a temporary bearish trend. A lot of traders will fight this claim of mine, but here are my vantage-points: the RSI is dropping consistently and has dropped below level 50, the MACD moving averages are closing up which means an uptrend is imminent, the 9 EMA has crossed below the 21 EMA, and lastly the present support, $9,943 is about to play out.
Bitcoin Price Expectation For This Week
Though the momentum of bitcoin price is dropped, we expect that it should find support for another short bull run at level $9,943 without a cross below 55 EMA. If we should see bitcoin price movement below the 55 EMA at this junction with the support level broken downwards and the 9 EMA crosses below the 55 EMA then will have to short (sell) our stakes. In conclusion, our determinant move is in the sustenance or break of our support level, $9,943. If the former, then our MACD cross above will give our next entry, but if the latter, then we might be in the proposed bearish trend.
Looking at the technical indicators:
Major Support Level – $9,943
Major Resistance Level – $10,800
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If you have any questions, leave it in the comment section below. Disclaimer: This article is in no way a financial advisor for your trading. Any action taken in this regard is done at your own risk. Nigerian Bitcoin Community is not liable for any loss or gain as a result of the application of this content. We advise you to do your own research.
I'm an aircraft engineer and mechanical engineer by qualification. By profession I'm an I.T professional, forex trader and cryptocurrency trader. Derive joy impacting people.
