Wow, that was not a good week for the bitcoin price. Monday, was the bitcoin is yet to 7.600 euro, and now the counter is at 7.100 euro. The highlight of Monday’s all-time low on Friday, has bitcoin well over the 7.5 percent that were submitted.
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Contents
Bitcoin on ice
The chart below shows the bitcoin price in euros. Every candle on the chart represents one hour. Since the 11th of October is going to be the course, especially downhill. Bitcoin doesn’t seem out of the descending red trend line, to be able to move around in.
In addition, the course will now be on thin ice. Bitcoin is moving up and is close to the ondersteuningszone. That is the support we are giving in the chart below, the blue rectangle is:
A Death cross is looming
We zoom out from the graph. You look at the share price on a daily basis, by the end of 2017 and through to the present day.
There seems to be a death cross on it, and that may not be good for the share price in the medium term. A death cross is lowered for a short-term Moving Average is just below a long term Moving Average. The majority of analysts are comparing the 50-day MA with the 200-day MA.
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This has happened for the last time on march 21, 2018. Been aware of a lot of analysts are sure that the bear market had begun.
Or is that now done? It doesn’t have to, but it will be exciting to watch.
But in the short term, the stock price to recover
We focus again on the chart, you look at the share price on the four-hour level.
In the short term, the stock price again for a moment to recover. It seems there is divergence between price and the RSI. The RSI makes a higher bottom, the stock price makes lower bottoms. This could mean that the stock price in the short term, some are going up.
Where will the bitcoin price go?
It may sound like a cliché, but it can turn in every direction. As always, we will explain why the two scenarios: a positive (bullish) or negative (bearish).
Bearish
Bitcoin is now close to the support. In addition, there will soon be just a ” death cross, it may have been. What if bitcoin is still further lowered? Then the next support is at 6.700€.
Bullish
The difference, again, is a good sign. If bitcoin is no more sideways movement, the price to go up to 7.800 euros. It was in the last few weeks and also an important resistance level has been.
A new indicator: the Volume Weight Average price
In technical analysis, there is also the opportunity for a new driver. This time, we will discuss the Volume-Weight Average Price, or a summary of the VOLUME. Quite a mouth full. The VOLUME is one way to approach the market as a whole, on average, have paid for their bitcoins.
The indicator considers both the data from the blockchain, if the current market price. In this way, you can look at how much the average price paid for a bitcoin. You can see the VOLUME in the chart below. It’s the blue line that runs through the course, you will.
It may sound a bit boring, perhaps, but it may be an interesting idea. According to Willy, But you’ll discover with this indicator, in which the tops and bottoms of the price of. You can see this by looking at how far away the current price is from the VWAP level.
And it seems to be correct. Each time, the VOLUME Ratio greater than 3.8 has a bitcoin and a temporary peak was reached. The last peak was in mid-december 2017. Then bitcoin is no less than 16.500 euro.
Conversely, you can also use the soil to discover. If the VOLUME ratio is less than 0.3, you can speak to one of the soil. The last time this happened was on december 15, 2018. Then, you could have it for the bargain price of 2700 euro’s in the possession of a single bitcoin.
The VOLUME is a picture of the trend at the moment. If the stock price is above the VWAP, then it is that the bitcoin price is in a rising trend. We seem to be in the same mode as at mid-2016 and the beginning of the bull market.
What do you think? The price of bitcoin is still continue to fail? If this is a temporary dip on the way to the top?