Recovery in Twijfel? Bitcoin prijs mag niet Sustain Above $6,500

Bitcoin is in recovery mode today.

Met ingang van het schrijven, the bitcoin-U.S. dollar (BTC / USD) exchange rate is at $6,523, having reached a high of $6,559 dusver. Per CoinMarketCap, de cryptogeld heeft opgedaan 3.54 procent in de laatste 24 uur. Chart analysis indicates that BTC has retraced 38.2 percent of the sell-off from Nov. 8 high to Nov. 12 laag.

Prices hit a 2.5 week low near $5,500 on Sunday – a near 30 percent sell-off from last week’s record highs that was triggered by the suspension of the Segwit2x hard fork, a software upgrade that might have brought a transactional boost for the cryptocurrency.

Investors had reportedly begun moving funds across to bitcoin cash (BCH) following the abandonment of the upgrade, resulting in a rally for the rival cryptocurrency.

The sharp recovery seen today has been accompanied by an equally sharp pullback for bitcoin cash, which rose more than 30 percent last week, and briefly overtook ethereum as the number two cryptocurrency by total value over the weekend.

Nog steeds, it is too early to say that bitcoin prices have found a bottom. Zoals besproken gisteren, the price chart analysis shows the current pullback could find a bottom around $5,000 levels.

The latest chart shows the prices have moved above the key trendline hurdle, but continued gains are less than certain.

Bitcoin grafiek

Bovenstaande tabel toont:

  • The trendline from the May. 15 low and Oct. 5 low is capping the recovery in BTC.
  • The 5-day MA and 10-day MA adopted a short-term bearish bias last week.
  • The relative strength index remains below 50.00 (in the bearish territory).
  • On the 4-hour time frame, the 50-DMA has adopted a bearish bias, while the 100-MA is moving sideways (neutral).

Uitzicht

  • A move above 5-day MA of $6,482 is likely to be short-lived.
  • Zoals opgemerkt gisteren, BTC is likely to trade sideways in the short-run, before resuming the sell-off and eventually finding a floor around $5,000 levels.
  • Only a close today above $6,900 would signal a revival of the bull market.

Trading chart image via Shutterstock

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Bron: Coindesk