Bitcoin price may be reversed as an inverse head-shoulder formation is shown on the 1 hour chart
Technical indicators point to a return of bullish momentum
Technical indicators Signals
The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance Bitcoin Revolution is downwards. This indicates that sales pressure is likely to continue.
However Bitcoin Revolution resistance is downwards
However, the gap between the moving averages has narrowed considerably, indicating an imminent bullish crossing in the near future. If the 100 SMA crosses the longer-term 200 SMA from bottom to top, this is an indicator of an upward trend change. The bitcoin price is traded Bitcoin Revolution above these moving averages, which is a sign of a bullish momentum.
The RSI is pointing upwards without reaching overbought conditions, suggesting that buyers could continue to take over. The oscillator is currently at 40 and signals a slight sellers market. Stochastics are similar to RSI.
Bitcoin has experienced a slight recovery in the last few days. Currently, there are many problems in the traditional financial world. There is a vote of no confidence in Spain today and an Italexit is also a possible subject. In addition, US supervisors classify Deutsche Bank as a problem bank, which had a direct impact on the share price. The question is how an impending economic crisis will affect bitcoin. A well-known youtube is convinced that the traditional financial market will collapse in 2018 and push Bitcoin to a record level of $50,000.
Ethereum Prize Highlights
Ether price struggles to break the $585-587 resistance range against the US dollar
The bullish trend line is intact and supported on the hourly chart at $565
ETH must remain above the $565 support and the 100 hours SMA to avoid a down reaction
The Ether price must not breach the 100-hour SMA to remain in a bullish zone.
Technical indicators Signals
There was a slight upward trend above the $575 resistance. However, the buyers failed to keep momentum above the $585 and $587 resistance levels. A short term high was formed at $586.31, after which the price began a downward correction. It declined to below $580. However, the decline was protected by $570 support. The highlighted bullish trend line at $565 on the hourly chart is intact. Finally, the 100-hour SMA is also positioned near the $565 mark. Therefore, the $565 support is immensely important. A break below $565 could mean a major downward correction.
Ethereum Chart from TradingView
Ethereum price analysis
Looking at the graph, the current price development is positive as long as ETH is above $565 and the 100-hour SMA. On the other hand, buyers must overcome the $585-586 resistance hurdles to further profits. The MACD is slightly in the declining zone. The RSI is moving downwards and is currently close to the 50s mark and shows a fairly balanced relationship between buyer and seller. The highest support level is $565, while the resistance is $586.