Bitcoin, the currency is currently valued at $67,350 holding its position, as the market leader with a market cap of $1.32 trillion and a solid trading volume of $42.36 billion. In the day Bitcoins price has fluctuated between $66,665 and $70,028 reflecting the ups and downs in the market.
Looking at patterns on the chart Bitcoin reached a peak of $71,958 before pulling back to its current range. The trading volume saw drops indicating increased selling pressure. Bearish candlestick patterns have emerged suggesting reversal zones near the price high. The 4 hour chart shows a trend with a short term peak at $71,958 followed by a decline.
At present Bitcoin is consolidating around the $67,000 level with highs and lower lows indicating prevailing sentiment. The surge in volume during the drop from $71,958 to $67,000 supports this outlook. A descending trendline, from the peak highlights selling pressure; however breaking lower highs could signal a potential bullish turnaround.
On the chart immediate resistance is seen around $70,024 which initiated the decline. Bitcoins price has stabilized $67 after testing lows near$66 343.
There was an increase, in sell volume at around $70,024 followed by a decrease. The current pattern suggests a continuation of the trend with periods of consolidation with support at $66,343 and resistance at $70,024.
Despite conflicting signals from indicators Bitcoins relative strength index (RSI) is at 55 indicating a position. Other indicators like Stochastic, commodity channel index (CCI) and average directional index (ADX) also reflect this neutrality. However momentum and moving convergence divergence (MACD) show signs of optimism amidst the prevailing sentiment.
Moving averages (MAs) exponential moving averages (EMAs) covering periods like 10, 20 30, 50, 100 and 200 periods indicate a bullish trend, across different timeframes. While the 10 period simple moving average (SMA) suggests tendencies diverging from the SMAs that align with EMAs to support an overall bullish outlook.