Bitcoin Is Back Above $8,500 But Does the Rally Have Legs?

USI ٹیک آسان ترین غیر فعال ویکیپیڈیا سرمایہ کاری

Bitcoin’s (بی ٹی سی) has bounced back above $8,500, but the rally is not backed by decent trading volumes, the technical charts indicate.

The cryptocurrency closed below key technical levels on Thursday, signaling a bearish breakdown, but the ensuing sell-off unexpectedly ran out of steam at $7,925 on Friday. Then, over the weekend, bitcoin gained more than $500, rising back above resistance at the 50-day moving average.

تحریر کی وجہ, BTC is changing hands at $8,530, having clocked a six-day high of $8,644 earlier today.

While last week’s bearish trend seems to have run out of steam (as seen in the charts below), the weekend’s low-volume rally risks trapping the bulls on the wrong side of the market.

4-گھنٹہ چارٹ

The inverse head-and-shoulders breakout indicates short-term bullish trend reversal – یعنی. the pullback from the high of $9,990 has ended and the breakout has opened the doors to $9,000 (target as per the measured height method.

Daily chart

The daily chart shows yesterday’s candle closed (as per UTC) above Saturday’s doji candle high of $8,468, signaling a bullish reversal. مزید, the 5-day and 10-day moving averages have shed bearish bias (are no longer sloping downwards).

As a result, the probability that bitcoin will rally to $9,000 this week is high. البتہ, the bullish case significantly weakens if we take into account the figures for trading volume.

Volume is an important indicator, as it shows the level of interest in bitcoin. A rally backed by high volumes means greater reliance can be placed on the bullish move. Conversely, a low volume rally trends to end up being a bull trap.

In BTC’s case, currently, trading volume on Bitfinex continues to decline and more importantly remained low alongside positive price action, as seen in the chart above. مزید, trading volume across all exchanges fell below $5 billion over the weekendthe lowest level since April 11, کے مطابق CoinMarketCap.

Thus, the sustainability of the rally seen over the weekend is under question.

لنک

  • BTC rally lacks substance (low volumes), hence the outlook is likely neutral, despite the inverse head-and-shoulders breakout (4-گھنٹہ چارٹ) and the bullish doji reversal (daily chart).
  • A failure to hold above $8,475 (inverse head-and-shoulders neckline) would revive the bearish view and allow a drop to Friday’s low of $7,925.
  • On the higher side, only a high volume move above the 100-day moving average, currently seen at $8,857, would open the doors to $10,000.

Running up steps Shutterstock کی معرفت کی تصویر

blockchain خبر میں رہنما, CoinDesk اعلی ترین صحافتی معیارات کے لئے کوشش کریں اور ایک طرف قائم رہتا ہے کہ ایک میڈیا آؤٹ لیٹ ہے ادارتی پالیسیوں کی سخت سیٹ. CoinDesk ڈیجیٹل کرنسی گروپ کے ایک آزاد آپریٹنگ ذیلی ادارہ ہے, cryptocurrencies اور blockchain startups میں سرمایہ کاری کرتا ہے جس.

HTTPS://www.coindesk.com/bitcoin-back-above-8500-but-does-rally-have-legs/

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