Bitcoin Technical Analysis, Monday 10th September 2018

in #bitcoin4 years ago

As Bitcoins price action tested support during the week, a death cross on 9 and 26 daily moving averages has formed on the daily BTC timeframe today.

With Bitcoin selling off amid rumours circulating at the end of last week due to an article in Business Insider surrounding Goldman Sachs' crypto trading desk, which reversed sharply later as it was labelled 'fake news' by Goldman CFO Mr Martin Chavez who also admitted to holding 5 BTC himself.

Technicals
A death cross has been next in order, and it's just drawn today on the daily chart, with stochastics also oversold, and price action nearing the bottom of the channel around $5750 we could see momentum take Bitcoin down to month lows in the coming sessions if volume does not pick up.

Reversal out of the bear trend would see resistance around the 6800 level again, gravitating towards the daily moving averages.

If stochastics can extend out of oversold and breach the 55 key balance, we could see some run in a relief rally although currently, prices have been testing support, again and again, hitting lower lows for the past week, with some respite during the weekend.

Previous lows hit 5778 back in June and recently in August, at both lows we saw strong demand that built into upside rallies of 20~40%.

Great Liquidity Crisis
Although the current turmoil in the stock markets, and with international trade deals have seen Bitcoin as a potential risk off hedge against traditional markets, with JPMorgan's lead quant Marko Kolanovic predicting a great liquidity crisis, stating this could be the largest flash crash causing social unrest unseen in 50 years.

Kolanovic predicts that stock markets will sell off sharply, with severe drops. Forcing central banks to take unprecedented moves, including essentially purchasing equities themselves to prop markets up.

Full article: https://icnn.news/news/post/bitcoin-technical-analysis-monday-10th-september-2018

Coin Marketplace

STEEM 0.23
TRX 0.06
JST 0.032
BTC 22927.43
ETH 1635.33
USDT 1.00
SBD 2.71