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A serious FUD begins to take hold in the Bitcoin market, while fears of a star doji of the evening, an evening star, appear on the chart at one week. But how much do you really need to worry about this doji model and how much does it affect Bitcoins? price right now? Let's take a look at the Bitcoin price badysis.
Bitcoin Price Analysis: 1 week chart
On the 1W BTC / USD chart, we can see that the last weekly candle closed at almost the same price level as it opened at around $ 8,740.
This doji alone is called a rickshaw doji man, which usually indicates indecision on the market. These types of candles are formed when trading reaches a state of equilibrium, and neither buyers nor sellers have been able to effectively influence the price.
Doji candles from the rickshaw man may foreshadow bullish and bearish scenarios depending on the closing of the next candle.
If the next weekly candle closes in red and long, we'll have a doji bearish evening star pattern, which usually causes a marked reversal of the trend. However, the doji man Rickshaw can also indicate times of consolidation, while the bulls are preparing to launch a new upward trend.
The only way we will know for sure how the bitcoin price 00 is heading towards the rest of the week, is to monitor his performance closely and pay attention to other signs over shorter periods.
4 hour chart
Looking at the 4-hour BTC / USD chart, we can see that bullish traders are currently struggling to stay above a key diagonal support level. This particular trend line has allowed Bitcoin to continue to reach lower levels in the past month and reach a new high since the beginning of the week, above the $ 9,000 mark.
This level is therefore extremely critical at the moment and a fall below this could be considered as an early bearish reversal signal.
On the RSI, we can already see signs of weakening buyers. The indicator line posted three consecutive lower highs over the last 7 days, despite a price trend reaching a new cumulative high. This contradiction suggests that bullish traders are increasingly exhausted and may not have enough strength to continue to support the price of bitcoin any longer.
The MACD indicator also seems bearish, with a divergence of 12/26 MA and a rising sales volume on the histogram.
We therefore expect bitcoin to separate from the current diagonal support and seek a safer haven lower on the 0.236, 0.382 and 0.5 Fibonacci levels. ($ 8,135.98, $ 7,536.50 and $ 7,051.98 respectively)
Graph 30 minutes
Looking more closely at the evolution of candle prices over 30 minutes, we can see how bullish traders are desperately trying to oppose the increasing sales pressure that briefly pushed Bitcoin into the oversold area of the RSI.
Over the last two hours, BTC buyers have been able to recover the $ 8,500 level using the strong base at $ 8,450 below (red zone) to trigger a bullish recovery.
At present, the Fibonacci level of $ 0.382 to $ 8,516 offers temporary support, while bullish traders regroup and find calm. If they can defend this level for the rest of the day, it could help restore confidence in this badet in the short term and perhaps also lower the price, above the strong psychological barrier of 8. $ 600.
However, we will still have to wait to see if this new short-term momentum will be enough to neutralize the bearish signals appearing on the 4-hour chart and to prevent Bitcoin from dropping down the diagonal support of the hour table.
Trade Bitcoins (BTC), Litecoins (LTC) and other encrypted currencies on the Bitcoin forex online trading platformévoluer.marchés.
[Disclaimer: The views and opinions of the writer should not be misconstrued as financial advice.]
Images courtesy of Shutterstock, Tradingview.com
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