Bitcoin Trades with a Considerable Support After Nosediving to $7,195
Bitcoin, at the press time, was trading at $7,194.57.
After having consolidated around $7,200 for the longest time now and facing rejection at $7,500, BTC has now slid down, giving an intraday dip. The end of the bygone year was quite calm for the BTC holders as compared to the altcoin investors. The altcoin market is seen nosediving, while BTC maintained its trading price range. Even the major altcoins viz., ETH and XRP have marked a plunge after the major crash that happened in the mod of the previous month.
Bitcoin Price Analysis:
Analyzing the 4-hourly movement of BTC/USD on Coinbase, we see that the price trend is gradually forming lower highs as it dips consistently. The 20-day Bollinger Bands laid are also seen widening, which means that the coin will face volatility soon. The intraday move has led the coin slid from consolidating around $7,200 to the current trading price area. It is rightly supported by 9-day and 100-day Moving average. Although, still running below the Bollinger Band Basis and 49-day MA. There have been most downside breakouts as well, wherein the price trend is seen hitting the lower Bollinger Band.The technical indicators laid along with the 4-hourly price movement of Bitcoin against the US Dollar, we see that the MACD of the coin is running below zero but holds a bullish crossover due to moving average support.The RSI of the coin is at 45.29 and exhibits no trading extremities at present.
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