A week that could end in red for Bitcoin (BTC) who had started it at a level close to 10,000 USD; Today’s day, May 23, 2020, could end with a doji. Bitcoin is at the USD 9,173 level at the time of writing. BTC influencers may have ate too much pizza yesterday and took the day to digest because, the twittosphere is poor in “thrilling” BTC tweet today.
See in the distance
Despite the daily red candlesticks of the past few days, many influencers BTC remain bullish.
The analyst and podcaster Preston Pysh tweeted yesterday where he says Bitcoin could go far beyond 100,000 USD provided by the famous Stock to Flow.
Pysh had come out of the market in 2017, when the price of BTC peaked at $ 18,000 and transaction fees had reached $ 50 due to network congestion at the time.
The ” return “Of a Pysh bullish, because of a change in the current macro environment, can only be an additional bullish signal for Bitcoin.
The daily doji that currently persists, marks a market indecision, following yesterday’s little green candlestick.
Only the daily Stochastic RSI (14) indicates a Bitcoin largely oversold, heralding a possible rise in the next 24 hours.
The other 1-day trend indicators are still in the neutral zone. Bitcoin fell below its 5, 10 and 20 day moving averages, levels which could draw it higher and resume its rise in the coming days.
However, it will have to break the resistance at the 9,250 USD and 9,300 USD level, before starting again above these Moving Averages in the short term.
Day off apparently for Bitcoin: doji, talkative BTC influencer. There are days with and days without as they say. While waiting for the machine to restart, we dream of a Bitcoin far above 100,000 USD, at the end of 2021 and the beginning of 2022. The technical analysis argues for a Bitcoin starting up again quickly, but the signals are rather weak and the otherwise could very well occur in the next 24/48 hours.
From Zoe De la Roche: Source link