In accordance with the candlestick chart connected to the BTC/USD pair on tradingview [based on data drawn from the Bitstamp Exchange], the top-ranked digital currency is being backed by sellers who are trying hard to push the price down towards $9000. From 31st October onwards, the peaks tied to the Awesome Oscillator consistently possessed the brown shade [except the one linked to yesterday’s performance]. This signifies that bearish sentiment is clouding over BTC.
The daily RSI [for 14 periods] sits at 57.2 and looks to be on the verge of a drop, which would bring BTC further south towards the oversold zone. From 30th October onwards, the gap between the MACD line and the signal line has shrunk, which resulted in a reduction of the emerald histogram [the color appears faded]. This proves that bearish interest is increasing with every passing day.
The support level near $7302 is quite far from $BTC’s current position, although, the price may plummet and head towards $8500 if sellers decided to step up their activities. The mark of resistance at $10350 [established on the 26th of October] is yet to be conquered. In my opinion, there is a bigger chance of losses influencing BTC in the foreseeable future.
Bitcoin is ranked at #1 in the market. The trading volume recorded is $21.927 billion, whereas the supply has 18,033,650 BTC coins in play as part of circulation. The price sunk at a rate of 0.7% in the course of the past 24-hours; this, in turn, caused BTC to decline and reach $9329.88 where it presently holds. As of this instant, the total market cap of Bitcoin amounts to $168.251 billion.
$BTC leaning bullish over bearish, this is screaming bullish continuation pattern (pendant), increasing PA against decreasing volume, price holding above 24 EMA…
I think we will see a false breakdown wick, trapping shorters to around mid $9100’s range before we pump.. bullish. pic.twitter.com/30zOOnKlAZ
— Cactus (@TheCryptoCactus) November 6, 2019
Binance.US [a branch of the main exchange meant to serve traders based within the United States of America] has revealed that they’d be listing VeChain shortly. $VET had been a major gainer a day ago and the bull-run continues.