Bitcoin Back to Testing $30k
After a spike to test 32k in late June and early July, bitcoin declined in mid-to-late July and tested the 28k level which held as price support. Today price is on the rise and testing 30k with a move back into the upper half of the Bollinger Bands where price hasn't been since mid-July. A bullish move here would be a push through 30k for an potential re-test of the 32k resistance level.
Overall volume has been declining since mid-June when price spiked up from the 26k level and made the run toward 32k. On this push back into the upper half of the Bollinger Bands today we are seeing a two-day advance in volume which could be bullish for price going forward if the trend holds.
The PPO indicator is crossing short-term bullish with the green PPO line crossing back above the purple signal line. Overall momentum remains bearish as long as the PPO lines are below the 0 level, so what we want to see for a building bull case here is for both of the PPO lines to move back above 0.
The TDI indicator shows the RSI line on the rise with a push above the upper Bollinger Band today. Generally you want to remain long when the RSI line is above the upper BBand. The RSI line has also crossed back above the 50 level which indicates that price trend is attempting to turn bullish, what we want to see is for the RSI line to continue to rise and cross above the 60 level for bullish confirmation.
Overall, this is the strongest we've seen Bitcoin price since mid-July. There are still pending Bitcoin EFT approvals so if one or more of those happen to be approved by the SEC soon it could be a catalyst for more gains in price.
In the short-term we want to see price hold above 28k and make a move above 32k before getting too excited/bullish on price.
Overall volume has been declining since mid-June when price spiked up from the 26k level and made the run toward 32k. On this push back into the upper half of the Bollinger Bands today we are seeing a two-day advance in volume which could be bullish for price going forward if the trend holds.
The PPO indicator is crossing short-term bullish with the green PPO line crossing back above the purple signal line. Overall momentum remains bearish as long as the PPO lines are below the 0 level, so what we want to see for a building bull case here is for both of the PPO lines to move back above 0.
The TDI indicator shows the RSI line on the rise with a push above the upper Bollinger Band today. Generally you want to remain long when the RSI line is above the upper BBand. The RSI line has also crossed back above the 50 level which indicates that price trend is attempting to turn bullish, what we want to see is for the RSI line to continue to rise and cross above the 60 level for bullish confirmation.
Overall, this is the strongest we've seen Bitcoin price since mid-July. There are still pending Bitcoin EFT approvals so if one or more of those happen to be approved by the SEC soon it could be a catalyst for more gains in price.
In the short-term we want to see price hold above 28k and make a move above 32k before getting too excited/bullish on price.
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