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BTC Will Test New Support

Long
BITSTAMP:BTCUSD   Bitcoin

Relative Strength Index: The RSI is currently at a healthy 55 points. That means the market is neither overbought nor oversold. Since Bitcoin has been trading sideways the past day, we shouldn’t expect any big movements anytime soon.

Bollinger Bands: The price is also within the upper and limit Bollinger Bands. This further confirms RSI’s indication of a healthy market. The priceline is above the MA and is closer to the upper limit, so a breakout upwards wouldn’t be out of the question.

Trading Volume: The trading volume is moderately low at the time of writing. It’s not as low as it could be which is a good sign. The market did have a peak earlier today with a massive green candle, which means there is bullish pressure.


BITCOIN PRICE PREDICTION

My prediction for the next 24-48 hours is that Bitcoin will try to test the $10,500 level. Even though we’ve had some sideways trading the past couple hours, looking at previous spikes in volume we can speculate that something similar will happen. Because all the indicators are showing a healthy market and I’m a Bitcoin bull to begin with, leads me to believe that a new support will be tested by the market.

Read More: Bitcoin News, Price Analysis and Prediction for August 27th: BTC Will Test New Support

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