Where’s Bitcoin Going?
Bitcoin: You are Going to Jump, but to your death or to a temporary Happiness.
Bitcoin failed to have enough momentum to surpass the previous highs of $6678, this combined with the bearish volume, meant that Bitcoin would be decreasing, closing on the daily at just under $6230.
Today, on the London open, Nouvive has identified that Bitcoin jumped up by close to 3%, attempting to retest the previous resistance. The mere fact that the Moving Average crossover couldn’t do enough damage to cause Bitcoin to ride up
illustrates that maybe the bullish momentum was short lived.
There is not enough bullish bids in the market, as can be illustrated by the Graph below.
Moreover, the RSI Stoch is illustrating that Bitcoin is highly overbrought.
This brings into the Nouvive’s Recommendation of: Wait and See:
Bullish Case: If bitcoin passes $6700, there will be enough sentiment to get it to $6800. As a result of volatility, this could see Bitcoin go as far as $7200 before being rejected at that level.
Bearish Case: If Bitcoin fails to surpass the previous resistance, as that is of Nouvive’s Opinion, we will see the Mid $6600’s, before crashing below yesterday’s daily seeing $6172.