Price Analytics BTC / USD - November 22, 2017
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It was an active week as the price reached new heights to the drama with a wallet Tether when the hackers had stolen $30 million Market spent $500 on the sale of BTC, to the new local and regional low at $7770, before returning back up when it became clear that the situation is under control. While this has become a convenient excuse to roll back below $8000, those indicators have pointed to something like this anyway, to test more than the $8500 — 8600.
Now, it seems that the price goes up to test higher levels, which confirms that the market has appreciated the news about Tether and waiting for the launch of the futures from the CME (which apparently was delayed, and in fact it is good considering the history of Bitcoin "buy on rumor, sell on the news"). With this in mind, we turn to those indicators to see what they say about short-term and medium-term direction.
The 6-hour chart:
Returning to the 6-hour chart to explore the damage caused by yesterday's sale, we see that the bar has really turned red during the panic, but the short-term structure of the market remains favorable, all moving averages continue to move up, maintaining the upward trend, while the Ichimoku cloud remains bullish. Although there is still considerable near-term resistance Fibonacci levels between 8200 and 8300 that can cause some extra turbulence after the Thanksgiving holiday in the US on Thursday, so far we have not seen anything that would point to a longer-term top, so we continue to expect new highs before year end.
Turning to the momentum and the volume, notice that yesterday's pullback was not able to recharge the pulse oscillators, but did not allow them to spread further officially perekuplennosti territory, the MACD continues to go around its zero line in bullish form, what it tells us about the continuation of growth. Also, the line A / D continues to grow, indicating that the fall of the Tether has already been played, and even if it were not so, the exchange was relatively weak compared to the other lows during this bull market rally. Despite the fact that yesterday we were not able to benefit from the fall, we continue to believe that this step was necessary from the point of view of continued growth in the coming weeks.
Daily schedule:
Considering the daily chart, we see that SCMR draws a signal of growth, and candles and still favors the medium structure of a growing market. Also note that the new dynamic support up to 8000, all moving averages continue to emerge up and the Ichimoku cloud remains bullish. However, significant resistance from Fibonacci begins around the levels of 8300 and 9200, so currently there is a pocket between levels, which can require some effort before we really check out and get $10 000, though this limit is gradually reduced.
With regard to the dynamics and volume, it is not surprising that Willie and Stochastic still bound to officially overbought territory, but RSI still has space to rise up, MACD pointing up, and the PPO remains neutral. Also, the line A / D is rising again, despite yesterday's selloff, if we look at the exchange, which is hardly noticeable, so there is no doubt that buyers are still more active than sellers, even at these new high levels. Overall, it seems that the market wants to strengthen in the next few days closer to Thanksgiving, however, we think that a correction is likely, the closer the prices to the level of 8500.
Market overview:
The drama surrounding Bitcoin and cryptocurrencies, it seems to never end, was recently demonstrated, given the intensification of the Tether immediately after the FUD 2X-cancellation / BCash Pamp, although there is some gradation of this drama. This last episode did not create equally high level of "concern" among traders, as war fork in 2017, so maybe the bears have at the moment end "ammo."
Of course some of the whole situation with Tether / Bitfinex may have a negative effect, although at the moment we see no signs of this from any of the Bitcoin markets (the US, Europe or Asia), until that happens, it makes no sense to worry. In retrospect, we believe that this is just another reason for news headlines to temporarily reduce the price to the support level for buyers, as it becomes clear that wall street was preparing to enter these markets. Of course, volatility at year end will continue to grow for many reasons, but the overall trend should be increasing, despite any other problem the way Bitcoins.
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