The Greek deal continues to weigh on Bitcoin which witnessed a cut of $4.79 or 1.63%. It now seems that Bitcoin could be setting the stage for a bigger move.
Technical analysis of the below given Daily BTC-USD chart reveals a bigger picture than yesterday’s decline.
Bitcoin Chart Structure – With yesterday’s drop, Bitcoin has neared the upward sloping support line which is expected to cushion the price near $278-280. However, the higher top, higher bottom price structure is comfortably maintained.
Moving Average Convergence Divergence – The MACD and the Signal Line report healthy values once again. MACD is currently reading a value of 13.0754 while Signal Line has a value of 10.8195, keeping the Histogram afloat at 2.2559.
Momentum – Even as the MACD indicator remains steady, another momentum indicator has shown a deep drop. The 10-d Momentum indicator reading has toppled to 17.3900.
Money Flow Index – The MFI is sustaining near the July low of 56.0889. The downward trend seems to have been arrested for the meanwhile as the current value comes in higher at 59.8579.
Relative Strength Index – The price cut hasn’t posed any serious risk to the underlying bullish strength