RATE Group | Bitcoin Price Analysis: Is Bitcoin Bottoming out?
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Bitcoin Price Analysis: Is Bitcoin Bottoming out?

28 Sep Bitcoin Price Analysis: Is Bitcoin Bottoming out?

Posted at 23:59h in Bitcoin News by

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Following a steady day of price action around $6,500, Bitcoin price exploded to $6,750.  With such a fast move to the upside, we take a look at what’s happening price action going into the weekend. 

1-hour Chart 

After last week’s volatile move to the upside from $6,100, Bitcoin 00 made a higher low at $6,330 early in the week and the Bulls had been attacking $6500 ever since.  The Bears eventually gave up yesterday and a fast move to around $6,800 followed after pressure could be seen in the price action.

After a blisteringly fast move to resistance at $6,800, coupled with emerging bearish divergence [where price makes higher highs yet key indicators made lower highs], Bitcoin needed to take pit stop at current prices before advancing further.  Bulls will be looking to defend $6,600 over the weekend and keep momentum as we move towards the weekly and monthly candle closes.

Daily Chart

As the Bulls look to break $6,800 and keep their heads above critical support at $6,000,…

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