Will The Positive Trend in BTC Last?
The daily BTC price chart shows that the price of digital currency has risen rapidly in the past few hours. After several weeks of steep declines and sales in the market, the duopoly has successfully occupied and controlled the market in the past few hours.
BTC rose 0.18% in the past few hours to close at 19144.37 dollars. Although the 24-hour trading volume declined by 7.06% to US $27281429330, the total market value soared by 0.28% to US $367187823054.
Most of the performance indicators on the daily price chart are biased towards the downward direction, which enhances the upward momentum of BTC labeling, which is likely to be temporary.
When the 5-day moving average system cross is less than the 20 day moving average system, the BTC/USD price chart shows the bear market cross. MA is located at 19069.89, while MA is 19245.81 in 20 days. The result of the price chart shows a negative development trend, that is, decrease. However, only 5 days MA is smaller than the market; This may be positive.
The recent chart shows that the MACD cable has already crossed the power cable, which is a positive momentum, because the MACD cable has always been smaller than the power cable. However, because the MACD line is still in a negative area, it is not completely clear whether the bullish momentum will continue for a long time. When the power cord touches - 146.04, the dark blue MACD cord contacts - 141.10.
Brin line is gradually rising on the data chart every day, which is a sign of bullish, because the market fluctuation is increasing. However, prices are fluctuating in a direction beneficial to the bottom line, which suggests that the upward momentum may not last long. The prices are US $19589.12 and US $18901.51 respectively. The top and low bands touch each other.
The value of the relative intensity index (RSI) shows that one line touches 38.94, and the direction of an ascending gradient slowly avoids the 30 oversold limit, and rises steadily to the 50 axis. If the RSI score is stable, this may be a bullish indicator value, because it means that the trading theme activities are relatively equal.
The Stoke RSI index is 72.55 at this stage, close to 80 overbought areas. This may mean that the RSI index has reached its recent extreme reading value, which is also positive and optimistic, and will distort the downward trend of its price.
Generally speaking, if the bear market of the stock market controls the market, the bullish development trend at this stage on the data chart will be invalid; If the two sides succeed in defending frictional resistance and pushing up prices, the bull market will continue.
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