This is a daily analysis of Coindesk analyst and chartered market technician Omkar Godbole.
Bitcoin
Bulls is trying to establish a temporary low about $ 113,000, but the effort seems weak with regard to both price and volume. So far, Bounce has hardly been remarkable with the upside, which has been imposed over $ 114,000. In addition, volumes have remained low compared to what we observed during the early Tuesday fall as seen on the hourly card.
The weak rejection is in accordance with Bearish Momentum signals as 50-, 100- and 200-hour simple moving average (Smas) is on line in falling order and trending downward.
On the daily chart, prices are convincingly broken under the rising trendline support, signaling a shift from bullish to bearish momentum. Both of the prolonged MacD histogram (50,100.9) and the more commonly used MacD (12,26.0) Shows increasing negative momentum with deeper bars below the zero line.
Therefore, the odds appear to be stacked in favor of a continued move lower. The first level of support is $ 11,982, from which the market got higher on August 3rd. The 100-day SMA will be seen at $ 11,053. If these levels are taken out, the focus will change to the 200-day SMA to $ 100,484.
A compelling feature over the 50-day SMA to $ 116,033 would lapse the bearish view.
- Resistance: $ 116,033, $ 120,000, $ 122,056.
- Support: $ 111,982, $ 110,053, $ 100,484.
Read more: Markets Today: Bitcoin, Ether recovers after low
