Crypto is going up, the weekend will be confusing
The Crypto Market is currently going through a period where it knows its going up, however the weekend will prove to be confusing. The entire Alt Market is positively correlated to Bitcoin, we may see Friday and Saturday acting as confusing with a flirtation of Support and Resistance Levels before Sunday a blast off back to $6641.
Where do we see Bitcoin Going Friday?
- On the lower time frames, the RSI Stochastic has reset becoming OVERSOLD and crossing-over – illustrating we will see a lift off.
- Nouvive Research has found historical data that every Friday the market increases by over 1.5%
- The MA’s are getting ready to cross-over, this is usually an indication of BULLISH MOMENTUM.
- Volume is decreasing hour on hour, giving the impression that a large volatile movement will occur.
Nouvive has a short-term outlook of Bitcoin touching $6500 today.
Where do we see Bitcoin going the rest of the week?
- As a result of the institutional traders being Long, de-leveraging from their shorts and increasing open interest for long, it appears we won’t go further than $6300.
- What may happen is both side of the support and resistance being toyed with.
- On all higher time frames, we do see Bitcoin going higher to re-test $6575 on Sunday Night – Monday Morning
Nouvive still has a Short-term outlook of Long for Bitcoin as a result of positive fundamental news, market behaviour and institutional positions.
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