This is a daily analysis of Coindesk analyst and the approved market technician Omkar Godbole.
Bitcoin
The bulls are trying to establish a provisional time bac around $ 113,000, but the effort seems low in terms of price and volume. So far, the rebound has been barely remarkable, with an advantage over $ 114,000. In addition, the volumes remained weak compared to what we observed during the fall of the early Tuesday, as we can see on the time graph.
The weak rebound is consistent with the signals of lowered momentum, because the simple mobile averages of 50, 100 and 200 hours (SMAS) are aligned in downward order and downward trends.
On the daily graphic, prices allowed convincingly below the support of the growing trend line, signaling a passage from the optimistic momentum to a lower momentum. Both the MacD histogram in the longer term (50,100.9) And the macD more commonly used (12,26.0) show an increasing negative momentum, with deeper bars under the zero line.
Therefore, the chances seem to be stacked in favor of a lower continuous movement. The first level of support is $ 11,982, the market of which became higher on August 3. The 100 -day SMA is seen at $ 11,053. If these levels are removed, the accent would go to SMA from 200 days to $ 100,484.
A convincing movement above the SMA of 50 days at $ 116,033 would cancel the downward prospects.
- Resistance: $ 116,033, $ 120,000, $ 122,056.
- Support: $ 111,982, $ 110,053, $ 100,484.
Read more: Markets today: Bitcoin, Ether recovers low before the minutes of the FOMC
