In accordance with the candlestick chart linked to the BTC/USD pair on tradingview [based on data obtained from the Bitstamp Exchange], this renowned digital currency is being influenced by bearish momentum. For the past two weeks, the majority of peaks tied to the Awesome Oscillator were brown, which points towards the growth in terms of bearish pressure. So far, the peaks haven’t descended below the zero line.
The daily RSI [for 14 periods] sits at 44.36 which indicates that BTC is pretty close to the oversold territory. The Relative Strength Index may fall below 30 if sellers keep climbing. The support level near $7324.5 lies intact, and resistance may play a crucial role at the $9950 mark if Bitcoin can afford to recover and head beyond $9500. From 9th November onwards, the MACD line has lingered south of the signal line, thereby causing the red histogram to flourish underneath the zero line. This serves as a bearish indicator as well.
Bitcoin is ranked at #1 in the market. The trading volume recorded stands at roughly $18.984 billion, while the supply has 18,046,325 BTC coins in play as of this very moment. The price decreased at a rate of 0.93% in the course of the past 24-hours; this, in turn, caused BTC to head down and reach $8715 where it presently rests.
#Bitcoin looks pretty straight forward right now.📊
We were in a larger falling wedge and broke out in October, as expected. We’ve now formed another wedge on a shorter timeframe, and a breakout is crucial for bulls.
If we break out upwards, expect 10K+ in no time! 🚀 pic.twitter.com/HU4WRsyMvn
— Welson 📊 (@CryptoWelson) November 14, 2019
At the Malta AI and Blockchain Summit, Tim Draper expressed his belief that the Lightning Network would help BTC soar to great heights and reach $250,000 within the next 3 years. Tim was introduced to blockchain technology 5 years ago when he chose to buy BTC at an alarmingly cheap rate. Today, he is a successful venture capitalist and a renowned crypto-enthusiast [alongside Max Keiser, John McAfee, and many more].