An Oversold Bounce in BTC
Hello Steemians! After many days there is something different to report on BTC. Let us have a look at the BTC daily chart:
Finally, there is a daily green candle in the BTC chart to talk about. Prices are currently bouncing from 6100 area and currently trading near 6700. In recent standards that is a lot to talk about. There waterfall break downs from uptrending channels finally stopped. The hourly shows the pattern better:
On the hourly it is easily visible that the classic breakdowns from the last few days have stopped. The prices did find a bottom near 6100 and currently even trading higher than hourly 50 EMA, which hadn't happened since 9th of June. So there is a bounce for sure. So the question is where do we go from here? Well, the downtrend is still firmly in place. There are lot of resistance from 7000-7800 area. If we can clear this with some kind of volume, then there is hope. Otherwise, the downtrend will resume.
Thanks for this visibility. I saw the jump in progress myself yesterday. I was actually buying BTC so that I could get some SBD. I only bought $70 worth but by the time that I actually went to do the trade from BTC to SBD, BTC had gained enough to cover my fees and still keep a few cents worth of BTC, where I bought the BTC from.