BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

XBT/USD Analysis: Bitcoin Flat Out at $7,500, Where To Next? BitMEX Margin Trading

XBT/USD Analysis: Bitcoin Flat Out at $7,500, Where To Next? BitMEX Margin Trading

Bitcoin lags symmetrical triangle breakout targeting $8,000.
XBT/USD defends $7,500 support aided by EMA50 and EMA100.

Bitcoin experienced low trading activity over the weekend. The lethargic session followed an impressive recovery on Friday, which saw Bitcoin rise above $7,600. The price, however, failed to sustain gains towards $7,700, giving way for a retreat towards $7,500.
A broader look at Bitcoin price action using the 4-hour timeframe chart, shows a sustained uptrend from the November low of $6,530. The movement towards $8,000 continues to be limited. The higher low pattern and the lower pattern form a symmetrical triangle pattern.
XBT/USD 4-hour chart
XBT/USD price chart by Tradingview
Meanwhile, XBT/USD is dancing at $7,515 after defending the critical support at $7,500. The 50 Exponential Moving Average (EMA) and the 100 EMA on the 4-hour chart, are in line to offer support.
A bullish scenario is presenting itself for the Bitcoin longs traders where a breakout above the triangle resistance could easily scale the levels towards the coveted $8,000. On the upside, resistance will be felt at $7,600 as well as $7,700. However, for a breakout, the bullish expanding bullish volume must match positive technical signals and levels.
The Relative Strength Index (RSI) is pushing the higher low pattern a notch higher. In spite of the recovery from $6,530, Bitcoin futures contract has not been overbought. This means that a correction in the direction of $8,000 is possible before the Christmas break.
XBT/USD Key Technical Levels
BitMEX index price: $7,515
Volume: $1 billion
Open interest: $651 million
RSI: Bullish but not overbought
Support $7,500
Resistance: $7,600
The post XBT/USD Analysis: Bitcoin Flat Out at $7,500, Where To Next? BitMEX Margin Trading appeared first on Coingape .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News


Buy Bitcoin online in ANY country, supporting 80+ Payment methods!