RATE Group | Bitcoin (BTC) Price Analysis: Bulls Are Back in the Game!
50653
wp-singular,post-template-default,single,single-post,postid-50653,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin (BTC) Price Analysis: Bulls Are Back in the Game!

28 Nov Bitcoin (BTC) Price Analysis: Bulls Are Back in the Game!

Posted at 05:39h in Bitcoin News by

[ad_1]

Bitcoin was previously trending lower inside a descending channel but has just broken past the resistance to indicate that a reversal is due. Price has also closed above the 100 SMA dynamic inflection point as an additional bullish signal.

However, the 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse. Price has yet to test the 200 SMA dynamic inflection point which might also lead to some bearish pressure.

RSI has also reached the overbought zone to indicate that buyers are starting to feel exhausted. Similarly stochastic is in the overbought area to signal that buyers might want to take a break. Turning lower could confirm that sellers are about to take over, possibly pushing bitcoin back inside the channel and onto the lows.

Still, it’s also worth pointing out that both oscillators are pointing up for now and have yet to show any inclination…

[ad_2]

Source link