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Bitcoin maintains Uptrend as key indicator Shows a large movement is imminent



Bitcoin price bulls work to maintain the daily uptrend and volume falters over the holiday weekend. Meanwhile, the long-to-shorts ratio has reached a crucial moment.

Market overview

Over the weekend Bitcoin price 0 0 lost the hour and 4-hour uptrend as it slipped under 26ema and closed in on $ 5,200 support.

It is hoped that this is the result of low volume over the holiday weekend, but it is also remarkable that shorts have been rising and are now approaching a monthly high. As an analyst FilbFilb pointed out in his trade journal that long to shorts ratio is approaching 1

: 1 and over the former Bitcoin has drawn explosive movements into this technical setup.

BTC Longs-t0 Shorts

1-Hour Chart

BTC / USD stays in the range of $ 4900 to $ 5360, and it is possible that the digital asset will begin to consolidate in the daily time frame. In general, bitcoin remains in good order above as long as it can maintain over 12ema in the short term.

As shown in the hourly schedule, the BTC award has relatively consistent support close to $ 5,200, which is equivalent to the 61.8% Fib retracement level and Sunday's drop below 26% was a small cause of rebellion, as BTC is already crossing 20ma on the Bollinger band indicator, and RSI and Stoch begin to climb into a bullish area.

4-Hour Chart

While there were a couple of close calls on the $ 5,200 support, BTC remains in the rising channel of bull and bear volume on the decline. The roast is seen on the brink of a turkey from the oversold region, and buyers have shown interest from $ 5,170 to $ 5,230. Traders looking for a quick scalp could look for entries around this point and finish at $ 5,335, while the longs could get closer to $ 5,200 with a stop loss at break.

Where do you think the Bitcoin price will go in the next 24 to 48 hours?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptographic courses on the online Bitcoin forex broker platform evolve.markets.


Pictures courtesy of Shutterstock, Trading View. Market data obtained from Coinbase.


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