This is a sunny review of CoinDesk analyst and chartered market technician Omkar Godbole.
Bitcoin
The Bulls are trying to establish a temporary low around $ 113,000, but the effort will appear vulnerable in terms of the same price and quantity. So far, the bounce is hardly noticeable, with the reversal placed above $ 114,000. In addition, the volumes remained low -related children with what we noticed in the early Tuesday’s fall, as seen in time -ORAs chart.
Poor bounce is consistent with bearish momentum signals, as 50-, 100-, and 200-hour simple moving averages (SMA) is aligned with the downfall and trending down.
In the sunny chart, prices convinced it to be damaged under rising trend support, which signed a move from bullish to bearish momentum. Both longer MacD Histogram (50,100,9) and the more commonly used macd (12,26,0) shows an increase in negative momentum, with deeper bars under the zero line.
Therefore, the odds appear to be stacked in favor of an ongoing move that is lower. The first support level is $ 11,982, where the market is higher on August 3. The 100-day SMA is seen at $ 11,053. If these levels are taken, the focus will switch to 200-day SMA at $ 100,484.
A convincing move above the 50-day SMA at $ 116,033 will neglect Bearish’s perspective.
- Resistance: $ 116,033, $ 120,000, $ 122,056.
- Support: $ 111,982, $ 110,053, $ 100,484.
Read more: Markets today: bitcoin, ether cured from lows before the FOMC minutes
