The price of Bitcoin, the most important crypto currency,
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fell to $9,540 this Thursday, down 2.59%, away from the $10,000 mark as expected.
Ethereum (ETH), the second largest krypton currency by market capitalization, fell by a little less than 1.72% and again tested the critical level of $200, while the XRP is also trying to maintain a key level of $0.20.
The weekly Bitcoin candlestick chart shows that trading is currently above $9,300, having recovered most of the 20% of last weekend’s fast selling, when support was close to the 20 week moving average.
The Moving Average Convergence/Divergence (MACD) illustrates the upward momentum and upward trend reversal since the sale in early March.
The volume has remained above the weekly average, subtracting two and a half days of trading, highlighting the upward response for the Bitcoin price to return to $9,000 after last week’s pre-sale decline.
Should the bulls break the resistance around $10,000, a relatively quick move to test the $11,500 and half the previous range would be the target, although Bitcoin has not traded at these prices since August 2019.
The daily chart shows that the BTC/USD is finding some support today at the $9,300 level after a sudden drop when the price approached $10,000. In other words, Bitcoin formed a lower daily high.
Last week, the 100-day and 200-day moving averages (MA) also acted as the first line of defense along with the 20-week MA. The 50-day average is on track to exceed the 100- and 200-day averages before the month ends.
The so-called „golden cross“ usually indicates to the market that it expects higher prices and will be positive for Bitcoin’s bulls. However, Bitcoin has a tendency to initially react adversely to this bullish signal.