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BITCOIN ABOVE MA5, CHARTS INDICATE PROBABLE BOUNCE-BACK - Capital Street FX

12-Dec
19:44 IST

Bitcoin is currently trading at $3451.60-higher by 1.75% as compared to the previous closing price. For the past two days, the cryptocurrency is consolidating between $3330 and $3430.Also, Bitcoin is closing in the negative territory since the last two trading sessions. The cryptocurrency lost around 14% for the week ended on 7th December. Cryptocurrency with the largest market capitalization dived to 15-month lows near $3,200 last week.

Data from CoinMarketCap showed that Bitcoin’s share of the cryptocurrency market hit an 11-week high on last Thursday (6th December). Data revealed that bitcoin’s dominance rate reached 55.38% on 6th of December which is its highest level recorded since Sept. 20. Bitcoin can bounce back if prices beat key resistance above $3,600. Other cryptocurrencies like Ethereum, Ripple are also trading with gains, in the current trading session.

On the technical front, the RSI is currently at 28.30% and suggests that the market can move in the upward direction. The current Price is below the middle line of the Bollinger bands but is heading upwards. The current price is above the MA5 (3446). The %K has crossed the % D from above to the downside at 18%, and this suggests that the market may head downwards.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.

 

Trade Suggestion Limit Buy At 3430, Take Profit At 3510, Stop-Loss At 3390

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