Bitcoin has respected the descending triangle support level we discussed in the previous analysis. But, it is comfortably a sell on rise candidate.
Bitcoin is currently trading at $283.91, up $2.65 or 0.94 percent.
Technical analysis of the daily BTC-USD price chart tells that market participants may soon get an opportunity to short Bitcoin at a low-risk level.
Bitcoin Chart Structure – The base of the descending triangle around $276 is attracting some buyers. Similarly, the downward sloping resistance line is expected to pose obstacles around $288-290.
Fibonacci Retracements – The 38.2% Fibonacci retracement level of $280 also provides a cushion to the Bitcoin price.
Moving Average Convergence Divergence – The MACD has now slid to its lowest level in over a month as negativity hounds Bitcoin. The most recent values of MACD, Signal Line and Histogram are 3.5370, 5.8532 and -2.3161 respectively.
Momentum – The Momentum indicator is still in the negative region with a value of -4.8700.
Money Flow Index – The MFI is showing signs of weakness; the latest value is 58.9719.
Relative Strength Index – The 14-day