Connect with us

Hi, what are you looking for?

ELEVENEWS

Bitcoin

Bitcoin’s tumbling price pulled up by breach of descending channel

Bitcoin’s fall on 24th September caused its price to slide below $10k. The coin’s effort toward recovery has met with consequent falls. However, the king coin was undergoing a bullish pattern formation and the breach offered a bump to its tumbling price. Bitcoin, at press time, was valued at $8,221.19 with a market cap of $148.33 billion.

4-hour

Source: BTC/USD on TradingView

Source: BTC/USD on TradingView 

The 4-hour chart of Bitcoin highlighted the breach of a descending channel that bridged the lower highs of BTC at $8,477.83, $8,326.67, and $8,006.92 and lower lows at $8,129.40 and $7,911.63. As the price dunked within the two falling parallel channels, a breakout toward the bullish side was imminent. The breach took place on 21 October pulling the price of BTC up by 4.57%, from $7,889.62 to $8,250.

However, 50 Moving average glided under the 100 Moving average indicating a bearish market, but as the averages aligned under the candlesticks, it might not be a strong bullish wave.

Source: BTC/USD on TradingView

Source: BTC/USD on TradingView

MACD indicator indicated strong bullish presence in BTC markets, as the MACD line overtook the signal line after a recent crossover on 14 October. Even the Relative Strength Index showcased an increased buying trend suggesting a bullish market.

Bullish market ahead

The descending Bitcoin market appeared to have a bullish trend with the recent breach of the descending channel. However, this trend as indicated by the moving averages could flip overtime as the bears make a way in the BTC market.

Source.cryptonewsz

Advertisement

Copyright © 2020 Elevenews