Bitcoin price bulls looked as if they were taking charge last week as BTC/USD rose by over $1,000, albeit momentarily.
As Bitcoin price attempts another recovery, could we start to see altcoins regaining momentum? A look at this week's charts across the top-3 cryptocurrencies certainly paints a very interesting picture.
Bitcoin price overviewBoth BTC/USD runup and rejection towards the 200 Day MA wasn't exactly unexpected.
Using the Moving Average Convergence Divergence Bitcoin was showing short term bullish momentum on the daily chart but also still showed signs of bearish divergence on the weekly.
Interestingly, the Bollinger Bands indicator, which serves as dynamic support and resistance, are showing signs of a big move to come soon.
As the Bitcoin price continues to consolidate in a sidewards range the bands start to close in.
One positive sign here is that the current price of Bitcoin is sitting above the BB day moving average.
The monthly view for Bitcoin Bollinger Bands shows that BTC is firmly planted in a middle range between $7,000 and $11,500.
The range on the weekly Bollinger Bands shows the first level of resistance at around $0.32 for XRP, with support sitting around $0.18.A move past the Weekly Moving Average could put the controversial digital asset on a path to $0.46, which based on the current circulating supply of 43,166,787,298 XRP would put the market cap at $19.8 billion, nearly matching that of Ether's, which has a market cap of $19.9 billion.
The Bollinger Bands for Ether show us that the current price of around $183 is equidistant from the support and resistance.
Bitcoin Price Flatlines at $8.4K as Bollinger Bands Predict Breakout
Published on Oct 13, 2019
by Cointele | Published on Coinage
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