Yesterday, a consolidation opening of the trading session of bitcoin cause price to fall to an early morning low of $11208.81 leaving an exhausted wick to the bottom.
Although price pull back by closing the sharp bearish candle at the support of $11243.36, a rebound occurs at this level and price rose to an intraday high of 11727.97.
More position was loaded for long as price broke and closed above $11414.53 resistance, printed a fresh higher high of $11727.97 as labeled on the chart below.
Technically, the price is trading above the simple moving average of the Bollinger band due to the high volume of long position took by the bulls to push price to the upside. currently price is resting on the upper band as the band make more attempt for bullish divergence which will create more momentum to hit a target of $12054.95. RSI is overbought territory at 71 mark. Which indicate a minor retracement might probably occur for higher low to be print for price to remain in an uptrend bias.
In the coming days ahead as the momentum build up, bitcoin is face with a resistance of $12054.95 which need to be broken if more buy positions are loaded.
A bearish opening of the trading session of yesterday cause Bitcoin Cash to fall to an early morning intraday low $234.64 without a wick to the bottom.
Although price making it ways to the first major support level at $233.68, Bitcoin Cash rose to a late afternoon intraday high $243.
Price was rejected in the early hours of the afternoon session at a minor resistance of $241.68.
As of the time of writing, Bitcoin Cash has broken the minor resistance and is heading to a major resistance of $245.07 which was created on the 10th of October 2020 as label on the chart below.
Technically, price is trading above the simple moving average of the Bollinger band and the band also simultaneously squeezing at the major resistance, this is also indicating that a breakout is near to the upside. This can be achieved if more long position is loaded by the bull to break the resistance in the day ahead, if the bull run out of steam to break the resistance the bear will take the price down to support, hence price will range within this zone.
RSI slid to the 47 mark but was able to rebound to 61 indicating pressure on the side of the bull to push price on the upside.
A bearish opening of the trading session of yesterday cause EOS to fall to an early morning intraday low $2.61 with a wick to the bottom.
Although price making it ways to the first major support level at $2.59. EOS rose to a late afternoon intraday high $2.67.
Price was rejected in the early hours of the afternoon session at a minor resistance of $2.67. With a wick to the top to be filled, traders load their position in anticipation to fill the wick, price became bullish and the wick was fill but also got rejected as many traders took out profit.
Despite, the minor pullback, price got some level of momentum to continue to head to a major resistance of $2.69 which was created on the 7th and 10th of October 2020 as label on the chart below.
Technically, the price is trading above the simple moving average irrespective of the bull back from the last two 4hour candles. the band is converging and this means a breakout to the upside is around the corner. this will depend on the bull to load more long position in the coming days heads.
RSI is mixed at the moment moving from east to west indicating a slight indecision in the market although Bias is bullish since price Is trying to make it way to the over bought territory.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank, as well as exchange brands ZBM, ZBX and Korea’s Bithi.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Exchange by visiting www.zb.com.