Cryptocurrency
Trading Bitcoin: Rally Cooling Off, What Now?
Rally Cooling Off, What Now? Bitcoin is cooling off after its recent reaction rally to $7.5k. Currently price is trading at roughly $7.2k while the sequential indicator has now reached a green 7. While price action has been bullish this past week, the trend is currently falling into a bearish posture. Also, price is traveling […]
Rally Cooling Off, What Now?
Bitcoin is cooling off after its recent reaction rally to $7.5k. Currently price is trading at roughly $7.2k while the sequential indicator has now reached a green 7. While price action has been bullish this past week, the trend is currently falling into a bearish posture. Also, price is traveling below all three moving averages which are acting as critical resistance. The 200MA (orange) is beginning to turn over, which is a very scary sign for the bulls.
4 Hour
Bitcoin is on a red 6 on the 4 hour chart above. Yesterday, the trend topped on a 4 hour green 9 candle. Currently, we are still in a retrace period and have found support at the 200MA (orange). All three moving averages are acting as support which is a promising sign for the bulls in the short-run.
Crypto Sentiment Index
Crypto fear and greed index is still in a fearful territory. Ever since falling from $14k, the collective sentiment has been negative and fearful.
Conclusion
Bitcoin is still traveling in the downward parallel channel on the weekly chart above. Until price can breakout of the channel, we are likely to see bearish-neutral price action leading up to 2020. Current support stands at $7k, while critical resistance remains at $7.7k.