The Bitcoin award bulls are working to maintain the daily uptrend and sustain volumetric fluctuations during the holiday weekend. Meanwhile, the long-to-short ratio has reached a decisive moment. Is a Bitcoin outbreak coming up?
Bitcoin Price: Market Overview
Over the weekend, the Bitcoin Price 0 0 lost the hourly and 4-hour uptrend among the 26ema and joined the $ 5,200 support.
It is hoped that this is the result of a small volume on the holiday weekend, but it is also noteworthy that short shorts are on the rise and are now reaching a monthly high. As analyst noted FilbFilb in his trade journal, the long-to-short ratio is approaching 1
BTC Longs-t0 Shorts
BTC / USD remains in the range of $ 4,900 to $ 5,360 and it is likely that the digital asset will begin to consolidate in the daily timeframe. In general, bitcoin stays in good order as long as it is above the 12em in the short term.
As the hourly chart shows, the BTC price has relatively consistent support near $ 5,200, which is consistent with the 61.8% fib retracement level, and Sunday's decline below the 26Ema was just a small cause for excitement as the BTC already exceeds the 20MA level. On the Bollinger band indicator, RSI and Stoch enter the bullish area.
While some tight calls have been made to support $ 5,200, BTC remains in the ascending channel, with volumes of bulls and bears slipping. The Stoch appears on the edge of a bull cross from the oversold region, and buyers showed interest from $ 5,170 to $ 5,230. Traders looking for a fast scalp could look for entries near this point and exit at $ 5,335, while long positions near $ 5,200 could break even with a stop loss.
Where do you think the Bitcoin price will go up in the next 24 to 48 hours?
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for analysis are provided by TradingView.]
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Images courtesy of Shutterstock, Trading View. Market data comes from Coinbase.