BTCUSD: Double Backside Sample Above $20798
Bitcoin was unable to maintain its bearish momentum and after touching a low of 20794 on twentieth Aug, it has entered right into a consolidation channel above the $21000 deal with right this moment within the European buying and selling session.
We will see that bitcoin did not clear its resistance zone situated at $25500 for the fourth time this month.
After touching a excessive of $25195, we are able to see some downwards correction within the costs in direction of the $20798 ranges.
We will clearly see a double backside sample above the $20798 deal with which is a bullish reversal sample as a result of it signifies the top of a downtrend and a shift in direction of an uptrend.
Bitcoin touched an intraday low of 20909 within the Asian Buying and selling session, and an intraday excessive of 21510 within the European buying and selling session right this moment.
Each the STOCH and STOCHRSI are indicating overbought ranges which implies that within the rapid brief time period, a decline within the costs is predicted.
The relative energy index is at 57 indicating a powerful demand for bitcoin on the present market ranges and the continuation of the shopping for stress within the markets…Extra data: weblog FXOpen