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- Since the starting of February, the crypto market is keen to see the bitcoin reaching the $10,000 mark.
- The resistance mark and various fundamental factors are considered as a barrier.
- The technical measures indicates that there is a bullish movement on the way to arrive.
Today, the market is seeing bearish movement. Again bitcoin is hovering around the neutral range of $9000 to $9,500. The indication is that bulls and the bears are playing quite safe in this month and are trying to avoid huge whales.
Bitcoin (BTC) Price Analysis
The decline in volume of bitcoin also indicates that there will be a bearish nature in today’s market. Today the volume traded of BTC is around 53.95m than that of yesterday which was around 312.32m.
As we can see from the CCI index, the market forces are trying to push bitcoin price in the normal of range of $9000-$9500 only. If it penetrates the $9,000 mark then it can see a major bearish wave movement.
On the other side, the constant CCI indicates that the market is favoring the bullish movement more. This also indicates that the partial or the short term traders can also book small profits out of the positive movement. But the long term traders should keep a mark around $8,200 if the price surges down.
Bitcoin Cash (BCH) Price Analysis
Since starting of February, bitcoin cash is seeing an upward shift in the price movement and is been consolidating between $360 and $400 for the past few days.
The positive overhead resistance in CCI shows that the buyers are in no hurry to close their positions.
The MACD levels also show that there is a buying movement for bitcoin cash is today’s market. However, the intersection of MACD levels also warrants some caution for investors. The support level for bitcoin cash is around $360. If it goes below its support level, it can be assumed that it may touch new negative level of around $300-$310.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
